International Business

New York City -- Athletic apparel, footwear and accessories marketer Under Armour has opened its first European outlet store, in Madrid, Spain.

New York City -- Wal-Mart de Mexico SA said second-quarter profit fell 3.4% as the chain increased spending to open new stores and integrate Central American operations.

The Mexican unit of Wal-Mart Stores reported a net income of 4.49 billion pesos ($380 million) in the April-June period, down from 4.65 billion pesos during the same three months of 2010. Revenue rose 9% to 88.37 billion pesos ($7.49 billion).

CEO Scot Rank says spending to open new stores cut into profits but will help performance in the second half of the year.

New York City -- M&M’s World has made its European debut, opening a 35,000-sq.-ft. store in London’s busy Leicester Square.

CINCINNATI — Kroger banner Smith's has a new president. Mark Tuffin will succeed Jim Hallsey, who is retiring from his post after 47 years of service with Smith's and Kroger, the supermarket retailer announced Tuesday. Hallsey served in his role as president of Smith's since 2001.

Tuffin, who most recently served as Kroger's VP transition, leading the company's efforts to implement significant organizational changes between all areas of the business, brings more than 30 years of experience to his new role. Tuffin joined Smith's in 1996.

SAN FRANCISCO — Levi's announced that its Denizen jeans brand is making its U.S. debut exclusively at Target stores and on Target.com. 

The brand first launched in Asia in 2010 and is available in China, India, Mexico, Pakistan, Singapore and South Korea, in addition to the United States.

COLUMBUS, Ohio — Big Lots has acquired 89 Liquidation World stores in Canada and becomes the latest U.S. retailer to pursue growth opportunities north of the border.

The company said it invested $20 million in cash and assumed certain liabilities in order to purchase all outstanding shares, satisfy debt obligations, and acquire all assets and leasehold rights of Liquidation World, an operator of 89 stores offering closeout merchandise. Big Lots currently operates 1,405 stores in the United States.

NEW YORK  — The International Licensing Industry Merchandisers’ Association (LIMA) has announced the addition of six new members to the board of directors. The new directors were elected by a vote of the LIMA membership and their terms will run from July 1 through June 30, 2014. 

Joining the LIMA board are: 

Columbus, Ohio -- Big Lots announced Tuesday that it has completed its acquisition of Brantford, Ontario-based Liquidation World, representing Big Lots’ first foothold outside of the United States.

Closeout retailer Liquidation World currently operates 89 stores in Canada.