Strategy

Hong Kong -- Esprit Holdings said Wednesday that its chairman has unexpectedly resigned, just one day after the sudden departure of CEO Ronald van der Vis.

Chairman Hans-Joachim Korber said he is leaving for personal reasons, while van der Vis’s reasons were described as “personal and family.” CFO Chew Fook Aun left the company on June 1.

Issaquah, Wash. -- Costco Wholesale Corp. said Thursday it has acquired partner Controladora Comercial Mexicana’s 50% share interest in Costco Mexico for approximately $760 million, funded by dividend proceeds, cash and investment balances.

The Costco México joint venture has been 50% owned by each of Costco Wholesale and CCM and operated by Costco Wholesale. :

Jaime Gonzalez Solana will continue as CEO of Costco México.
 

Washington, D.C. -- A report released by the Labor Department on Thursday showed that the cost of living in the U.S. dropped in May by the most in three years.

The consumer-price index declined 0.3%, more than forecast and the biggest drop since December 2008, after no change the prior month.

Economists projected a 0.2% decrease, according to the median estimate in a Bloomberg News survey. The core measure, which excludes food and energy costs, increased 0.2% for a third month.

Roswell, Ga. -- PGA Tour Superstore is opening a second Chicagoland location on June 14, in Downers Grove, Ill. The company opened a store in Schaumburg, Ill., last month.

Downers Grove is PGA Tour Superstore's 14th retail location. The stores are owned and operated by Golf & Tennis Pro Shop, whose controlling owner and chairman is Arthur M. Blank, retired Home Depot co-founder and current owner of the Atlanta Falcons.

New York -- Francesca's Holdings Corp.’s first-quarter performance surpassed expectations, helped by strong demand for its product. The chain’s earnings more than doubled to $8.7 million.

Net sales increased 48.6% to $61.3 million. Same-store sales rose 15.5%.

NEW YORK — Martha Stewart Living Omnimedia has appointed Michael Robinson to the newly created position of VP e-commerce. Robinson brings retail, direct-to-consumer and digital experience working with popular brands such as Anthropologie, Smith & Hawken Ltd., and Banana Republic Inc., and will be responsible for building out the company's e-commerce presence, including the site the company is jointly developing with JCPenney, which is slated to launch in 2013.  He is reporting to Lisa Gersh, president and COO of MSLO.

New York -- Barnes & Noble Inc. founder and chairman Leonard Riggio agreed on Wednesday to forgo $29 million from a sale of one of his companies to the book retailer in order to settle a shareholder lawsuit, according to court documents, Reuters reported.

The lawsuit goes back to a 2009 agreement by the chain to buy back Barnes & Noble College Booksellers Inc. for $514 million from Riggio.

Canadians love a deal even more than American’s judging from the strong same-store sales and surging profits produced by the nation’s leading dollar store operator.

The 721 unit Montreal-based Dollarama chain said its first quarter same-store sales increased by a weather-aided 8.1%, and total first quarter sales increase 14.9% to $398 million for the period ended April 29. Earnings per share increased 40% to 56 cents from 40 cents. The gross margin rate increased to 36.3% of sales from 35.7% and expenses declined to 18.5% of sales compared to 19.7%.