Corporate Governance

New Orleans -- Costco Wholesale Corp. will enter the state of Louisiana with a 148,000-sq.-ft. store at Carrollton Plaza Shopping Center in New Orleans.

The new lease, announced by center owner The Feil Organization, will add Costco to a lineup of retailers that includes CVS, Firestone, Family Dollar and Subway.

Costco is slated to open spring 2013.

Dallas -- Three weeks after being named the first civilian director/CEO in the nearly 117-year history of the Army & Air Force Exchange Service, Tom Shull officially took the reins Thursday of the $10 billion military retailer. Shull replaced the Exchange’s last uniformed Commander, Brig. Gen. Fran Hendricks.

Dallas -- 7-Eleven said Thursday it has completed its previously announced transaction with convenience store operator Strasburger Enterprises and has acquired 23 c-stores in Texas, mostly under the Quix banner.

Terms of the deal, which brings 7-Eleven’s Texas store count to 570, weren’t disclosed.

Cincinnati -- The Kroger Co. reported Thursday that net income in the first quarter rose to $439.4 million, from $432.3 million last year.

The operator of namesake stores as well as Ralphs, Food 4 Less and others, also said it authorized a $1 billion share buyback.

Sales during the period were $29.06 billion, up from $27.46 billion last year but missing Wall Street’s expected $29.16 billion. Same-store sales rose 4.2%, the grocer’s 34th straight quarter of growth.

Fort Worth, Texas -- Pier 1 Imports reported Thursday that net income for the quarter ended May 26 rose to $17.8 million, from $14.1 million in the year-ago period.

Sales increased 7.9% to $361.1 million from $334.6 million last year, and same-store sales rose 7.2% during the first quarter on top of last year’s 10.2% gain.

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.

Merrimack, N.H. -- Indianapolis-based Simon Property Group said Thursday that it has opened Merrimack Premium Outlets, an upscale outlet shopping center serving the Greater Boston and Nashua markets.

Henderson, Nev. -- Frozen yogurt purveyor U-Swirl said Thursday that its area developer for the Houston market has signed a lease for its first of a 10-miminum store commitment to be opened over the next 48 months.

Houston is the fifteenth area in 13 states where U-Swirl is currently developing locations. It currently has 29 yogurt cafes open and operating.

 

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.
 

By Jundong Song, [email protected]

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