Mergers & Acquisitions

Memphis -- AutoZone reported a better-than-expected profit of $309.1 million in its third quarter, up 8.4% from $285.2 million in the year-ago period. Diluted earnings per share increased 13.1% to $9.57 per share, from $8.46 per share in the year-ago quarter. It was the auto retailer’s thirty-fifth consecutive quarter of double digit earnings per share growth.

Sales for the quarter, ended May 9, increased 6.5% to $2.49 billion for the period. Same-store sales increased 2.3%.

Nordstrom is looking to increase its capital efficiency by selling its credit card portfolio to a Canadian bank.

Nordstrom and Toronto-based TD Bank Group announced an agreement under which TD will acquire Nordstrom's existing U.S. Visa and private label consumer credit card portfolio, which currently totals about $2.2 billion in receivables. Terms of the purchase were not disclosed.

Seattle -- Nordstrom and Toronto-based TD Bank Group announced an agreement under which TD will acquire Nordstrom's existing U.S. Visa and private label consumer credit card portfolio, which currently totals about $2.2 billion in receivables. Terms of the purchase were not disclosed.

In addition, the two companies have entered into a separate long-term agreement under which TD will become the exclusive U.S. issuer of Nordstrom-branded Visa and private label consumer credit cards to Nordstrom customers.

Atlanta - Hooters of America LLC has finalized an agreement with global commercial real estate services firm Colliers International to have the firm advise Hooters on real estate needs and provide strategic counsel as the brand expands domestically and internationally. Colliers International’s Bob Browning, VP for retail services, and Robert Hantgan, senior VP, are managing the exclusive assignment.

Nordstrom is looking to increase its capital efficiency by selling its credit card portfolio to a Canadian bank.

Nordstrom and Toronto-based TD Bank Group announced an agreement under which TD will acquire Nordstrom's existing U.S. Visa and private label consumer credit card portfolio, which currently totals about $2.2 billion in receivables. Terms of the purchase were not disclosed.

Los Angeles -- Specialty teen retailer Hot Topic is acquiring Geeknet, parent company of online retailers ThinkGeek and ThinkGeek Solutions, for approximately $122 million, which is more than double the company’s market value.  

ThinkGeek sells a wide range of merchandise, including clothing, toys, and gadgets mostly based on popular movies, television shows and brands that have strong "geek" appeal, such as "Star Trek," ''The Big Bang Theory," and ''Star Wars."

Beyond the 10 retail real estate pros highlighted as our Under 40 Rising Stars, we handpicked another 10 as the “Ones to Watch.” Following is an alphabetical list:

Crystal Allen, age 31, VP, Transwestern

D.J.

Just days after it agreed to sell itself to Ascena Retail Group for $2.2 billion, Ann Inc. posted another mixed financial report.

For the first quarter ended May 2, same-store sales declined 1.5% overall at Ann Inc., as Ann Taylor brand sales fell 3% and Loft brand sales were down 0.6%. The company reported a profit of $13.6 million, or 29 cents a share, up from $5.2 million, or 11 cents a share, a year ago.