Financial/Banking

CHESAPEAKE, Va. — Dollar Tree shareholders have re-elected a number of board members among other initiatives passed at the company's annual meeting.

Shareholders re-elected Arnold S. Barron, Macon F. Brock, Jr., Mary Anne Citrino, J. Douglas Perry, Thomas A. Saunders III, Thomas E. Whiddon, and Carl P. Zeithaml to serve on the board of directors. Each of these Directors received a majority of the votes cast at the meeting.

ISSAQUAH, WA and MEXICO CITY — Costco Wholesale has agreed to buy out Controladora Comercial Mexicana's 50% share interest in Costco de Mexico, a joint venture, for $10,650 million MXN (the equivalent amount in U.S. dollars is $760.4 million based on an exchange rate of 14.006 pesos to the dollar). In addition, Costco Mexico has declared a cash dividend of approximately $4,774 million MXN (the equivalent amount in U.S. dollars is $340.85 million based on an exchange rate of 14.006 pesos to the dollar), 50% payable to a subsidiary of Costco Wholesale and 50% to CCM.

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.

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.

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.
 

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.

Old Bridge, N.J. -- Driven by new big-box store closures, the vacancy rate in retail properties along northern New Jersey's six major shopping corridors edged up to 8.2% in April from 8.1% a year ago and 8.0% in 2010, according to R.J. Brunelli & Co.

Minneapolis -- Target Corp. said Wednesday its board approved the increase of its quarterly dividend by six cents, or 20%, to 36 cents. The chain will pay the dividend on Sept. 10 to shareholders of record as of Aug. 15.

Target Corp. has paid a dividend every quarter since going public in 1967.