Corporate Governance

Beachwood, Ohio -- DDR Corp. announced Friday new Five Below stores in consolidated small shop and downsized junior anchor locations at five Atlanta-area shopping centers.

DDR said the new locations represent the continuation of efforts to strategically reduce small-shop space as well as rightsize junior anchors and re-lease the residual space at attractive market rents. At the locations where Five Below will be occupying downsized space, DDR will realize rental increases of nearly 50%.

Chicago -- Claire’s Stores announced that Eugene S. Kahn has resigned. Kahn has served in the position since the company went private in 2007 in a $3.1 billion takeover by private-equity firm Apollo Management LP.

While the board will conduct a search for internal and external candidates, Claire's Stores President James G. Conroy and Jay Friedman, president of Claire's North American Division, will immediately form an interim office of the CEO.

Matthews, N.C. -- Family Dollar Stores Inc. reported Thursday that its first quarter profit rose 8% to $80.4 million, compared with $74.3 million in the year-ago period.

Sales for the period ended Nov. 26, 2011, rose to $2.15 billion from $2 billion in the year-ago period, missing Wall Street’s expected $2.17 billion in revenue. Same-store sales rose 4.1%.

Minneapolis -- Best Buy Co. reported Friday that December sales were less than the company anticipated, as fewer-than-expected shoppers filled the retailer’s stores over the holiday selling month.

Same-store sales fell 1.2% in December, an improvement from the 4% drop in the same period last year.  Total revenue was flat at $8.4 billion. Its online division shone, recording a 26% rise in revenue for the month.

Despite the lackluster showing in December, Best Buy reaffirmed its annual guidance.

Minneapolis -- Target Corp.’s plan to open 125-135 stores in Canada is rapidly taking shape, as the retailer has released the locations of its first 24 stores in the country.

As previously announced, Target purchased the leasehold interests of 189 sites currently operated by Zellers Inc.

The majority of Target’s initial two dozen stores will open in early 2013, and include four locations in Toronto (Centrepoint Mall, Cloverdale Mall, Shoppers World Danforth and East York Town Centre).

Pittsburgh -- American Eagle Outfitters said Friday that it has begun a search for a marketing communications agency partner or partners.

The scope of services, according to the retailer, will include traditional and digital media strategy, planning and execution, as well as collaboration in creative development for its American Eagle Outfitters, Aerie and 77kids brands in North America and internationally.

“Hiring an agency is a natural evolution in the growth of the AEO family of brands,” said Michael Leedy, CMO.

Greensboro, N.C. -- The Fresh Market said Thursday it has promoted Sean Crane to executive VP and COO, reporting directly to Craig Carlock, president and CEO.

Crane was previously senior VP store operations. In his new role, he will lead store operations, merchandising and marketing functions.
 

San Diego -- Warehouse club operator PriceSmart said Friday that net income for the quarter ended Nov. 30 edged down to $14 million, compared with $14.9 million in the year-ago period.

Net warehouse sales increased 24.1% to $468.3 million from $377.3 million, and total revenue rose to $478.7 million from $386.1 million.
 

MINNEAPOLIS — Joe Namath he’s not. Target chairman, president and CEO Gregg Steinhafel assured investors last month that December comps would exceed November’s 1.8% increase, but then Thursday morning reported a disappointing 1.6% increase and a reduced profit forecast.

In October of 2007, the U.K. newspaper, the Observer, reported that child workers, some as young as 10, were discovered working in an Indian textile factory in slave-like conditions to produce clothes for Gap Kids.