Financial/Banking

Denton, Texas -- Sally Beauty Holdings Inc. reported Thursday that profit in the first quarter nearly doubled year-over-year – from $30.1 million to $59 million – but results still missed Wall Street expectations.

Revenue rose 4.7% to $905.4 million, shy of analysts’ expected $915.1 million in revenue.

Same-store sales rose 2.8%.

By Gary Glick, partner, Cox, Castle & Nicholson LLP

New York -- J.C. Penney Co. filed a lawsuit on Monday asking a Delaware judge to declare that it is not in a default of its bond agreements, protecting nearly $3 billion of debt from being due in the coming months, Reuters reported.

According to the report, J.C. Penney received a letter earlier on Monday from the Brown Rudnick law firm that said J.C. Penney had breached a covenant of a bond indenture agreement by granting a lien on its inventory. J.C. Penney filed the lawsuit after receiving the letter.     

WASHINGTON — The National Retail Federation has been outspoken in its criticism of credit card fees and now a group called the Electronic Payments Coalition that represents credit unions,banks and payment card networks is firing back, claiming that the retail lobby is making false statements regarding checkout fees.

Shrewsbury, N.J. -- National Realty & Development Corp. said Tuesday that Colonial American Bank has joined the line-up of tenants at Shrewsbury Plaza, located in Shrewsbury, N.J.

Colonial American Bank’s location in the 225,000-sq.-ft. shopping center is the bank’s second location in New Jersey and is slated to open spring 2013.

Anchor tenants at the center include Marshalls, Acme and AC Moore.

WASHINGTON — The National Retail Federation has been outspoken in its criticism of credit card fees and now a group called the Electronic Payments Coalition that represents credit unions,banks and payment card networks is firing back, claiming that the retail lobby is making false statements regarding checkout fees.

TORONTO — Canadian consumers eager to get their hands on a Target loyalty card can now apply for one. Target Canada announced that pplications for its REDcard products - the Target Debit Card and the Target RBC‡ MasterCard - are now available online at Target.ca/redcard. Guests planning to shop at Target stores in Canada with a REDcard will receive an additional 5% off Target's already low prices, applied instantly at the time of purchase.

New York -- Fidelity, the Boston-based investment firm, has bought a 10% stake in C. Wonder, according to Women’s Wear Daily. Founded by Christopher Burch in 2011, the company has since expanded to 10 locations and also operates pop-up stores.

Burch has big plans for C.Wonder, which sells a mix of apparel, accessories and home goods, all under its own label. According to previous reports, he plans to expand it to 50 to 100 stores by the end of 2014, including locations abroad.