International Business

New York City -- Seiko Epson Corp. ("Epson") has been named a Sustainability Leader and awarded Silver Class status in the SAM "Sustainability Yearbook 2011.”

Issaquah, Wash. -- Costco Wholesale Corp.'s fiscal second-quarter net income rose 16% as the chain benefited from stronger business overseas and growing membership.

Costco reported net income of $348 million for the period ended Feb. 13, up from $299 million a year ago. The results were in line with expectations.

Revenue climbed 11% to $20.88 billion, topping estimates of $20.4 billion. Same-store sales increased 7%. The figure rose 12% internationally and 5% in the United States.

New York City -- Forest City Enterprises announced Tuesday that, as part of the company’s succession planning process, current president and CEO Charles A. Ratner will become chairman of the board, and will be succeeded as president and CEO by David J. LaRue, currently executive VP and COO.

The changes will be effective following Forest City's annual meeting of shareholders on June 10.

NEW YORK -- Jill Granoff is stepping down as CEO of Kenneth Cole Productions. According to a company press release the decision was a mutual agreement between Granoff and the board of directors. Kenneth Cole, chairman and chief creative officer, will act as interim CEO. Paul Blum, who was with the company for 15 years and served as president from 2002 to 2006, has agreed to return to the company and assume the role of vice chairman.

San Jose, Calif. -- VeriFone Systems announced it has won a contract to supply its PAYware Merchant card payment and settlement hosted service to Arcos Dorados, the largest restaurant operator in Latin America and the largest McDonald's franchisee in the world.

Beginning with 220 McDonald’s restaurants in Argentina and Uruguay, PAYware Merchant will be integrated with a proprietary POS system to accommodate card payment processing at the point of sale.

The solid fourth-quarter financial results Target reported last week were quickly overshadowed by long-term growth objectives that gave stakeholders a clear idea of where the company is headed in terms of sales and profits. Target expects its annual sales, currently about $66 billion, to reach the $100 billion mark within six to seven years, and current earnings per share of $4 will at least double over that same time frame.

Coppell, Texas -- CiCi's Pizza announced Monday that it has signed agreements for the addition of 16 units over the next five years and hired Wingstop veteran Bruce Evans to lead franchise sales.

The moves are part of CiCi's growth initiative, with the goal of adding 500 restaurants in the next eight to 10 years.

Beaumont, Texas -- Electronics and appliances retailer Conns announced Monday that its president and CEO Timothy L. Frank has resigned the company.

Conns named Theodore M. Wright as the interim CEO and president, and has launched a search for a permanent replacement.

Frank has led the company as president and CEO since June 2009; he has been president since April 2006, and previously served as COO and senior VP retail.

Frank left to pursue other opportunities, the company said.