Financial/Banking

New York -- The Thomson Reuters/University of Michigan consumer sentiment index climbed to a better-than-expected 74.3, compared to 72.3 in July and representing a three-month high.

Aggressive retail discounting and record-low interest rates boosted the results, but unemployment remains a big concern. 

“Confidence is lackluster,” Jim O’Sullivan, chief U.S. economist for High Frequency Economics Ltd., told Bloomberg. “It typifies the economy right now. It’s not strong, but not collapsing either.”

Lynnwood, Wash. -- Zumiez Inc. reported Thursday that net income for the quarter ended July 28 slipped to $2.1 million, from $2.6 million in the year-ago period, largely due to costs associated with its acquisition of Blue Tomato.

Revenue surged 20.4% to $135.1 million from $112.2 million, which includes contributions from Blue Tomato. Same-store sales increased 9.5%.

The company said it is on track to open 50 new stores in fiscal 2012, including up to 10 stores in Canada.
 

Topeka, Kan. -- Collective Brands Inc. reported Friday that net income for the second quarter was $9.7 million, compared with a loss of  $35 million last year when it booked nearly $84 million in one-time charges.

Sales for the owner of Payless ShoeSource and Stride Rite grew 6% to $886 million and same-store sales rose 2.9%.
 

Norwalk, Conn. -- GE Capital said Friday that it is serving as administrative agent on a $150 million senior secured credit facility to support the combination of Golf Town and Golfsmith, owned by parent company Golfsmith International. 

GE said the credit facility will be used to support working capital and to refinance existing debt.
 
"GE Capital structured the financing that will enable us to make … our ongoing operations a success," said Sue Gove, president and COO of Golfsmith International. 

Houston -- Francesca's Holdings Corp. said Tuesday that net income for the quarter ended July 28 topped expectations by nearly doubling to $12.7 million, from $5.5 million in the same quarter last year. Sales leaped nearly 50% to $25.1 million, and same-store sales surged $20.7%.

The company said it is on track to open 76 stores and one outlet this fiscal year, two of them in the third quarter.

Woodland Hills, Calif. -- LandMark Retail Group said it has completed the development of two CVS/Pharmacy stores in California – in Bakersfield and Palmdale.

The Bakersfield store will be located in the newly developed Grand Island Village Shopping Center, a 90,000-sq.-ft. neighborhood center home to Chevron, Republic Bank and other small tenants.

The Palmdale store is located in a Vallarta-anchored neighborhood shopping center and offers a drive-thru pharmacy.

Sears Holdings will lose its spot in the S&P 500 after the close of trading on Sept. 4. It will be replaced by chemical maker LyondellBasell (LYB).

As one of America’s oldest retailers, Sears, Roebuck & Co. was one of the original members of the S&P 500 when the index was created in 1957 (69 of the index’s original components are still in the S&P 500 today, according to S&P’s Howard Silverblatt).

New York -- Shares of Sears Holdings were under heavy selling pressure Thursday morning, sliding 7% to $53.38 on Standard & Poor's. S&P plans to remove the chain from its S&P 500 Index because the chain’s public float has has been below the index's 50% threshold for an extended period of time.

The Sears' name, in one form or another, has been in the S&P 500 since it was created some 55 years ago. Sears will be removed from the index at the close of trading on Sept. 4. The retailer will be replaced by chemical maker LyondellBasell.