Financial/Banking

Pittsburgh -- GNC Holdings reported Wednesday that adjusted net income for the quarter ended March 31 surged 85% to $64.5 million, compared with $34.9 million a year earlier.

CEO Joe Fortunato attributed the results to double-digit retail same-store sales growth, a growth in proprietary new products and increased traffic.

Consolidated revenue for the quarter increased 23.4% to $624.3 million; same-store sales grew 15.8% in domestic company-owned stores (including GNC.com sales), and 18.4% in domestic franchise locations.

Following up on last week’s commentary (A dot com disconnect and Canadian e-commerce opportunity revealed), the legislative loophole that has U.S. retailers at a disadvantage to their Canadian counterparts was on display again this week during congressional testimony in Washington, D.C.

Cincinnati -- Payment processing service-provider Vantiv said Wednesday that it has launched its Mobile Check Deposit product that enables consumers and small business owners to use their smartphone to take a picture of a check and deposit into their account.

The service, which had been in pilot with Town & Country Bank in Salem, Mo., is now available in the United States and already more than 40 financial institutions have signed up for the service.

New York -- Canada’s Jean Coutu Group has sold 56 million of its approximately 234.4 million shares in Rite Aid, the company said Friday.

The Canadian retailing group said the $83.6 million sale, which amounts to a 23.9%% reduction in the number of Rite Aid shares the company owns, would reduce its stake in Camp Hill, Pa.-based Rite Aid to 19.85%. The Jean Coutu group still owns about 178.4 million shares in the 4,667-store chain.

LONGUEUIL, Quebec — The Jean Coutu Group has sold 56 million of its approximately 234.4 million shares in Rite Aid, the company said Friday.

The Canadian retailing group said the $83.6 million, $1.51-per-share sale, which amounts to a nearly 24% reduction in the number of Rite Aid shares the company owns, would reduce its stake in Camp Hill, Pa.-based Rite Aid to 19.85%. The Jean Coutu group still owns about 178.4 million shares in the 4,667-store chain.

Tampa, Fla. -- The Container Store said it will be the anchor tenant of The Corner, a new 35,000-sq.-ft. retail center to be built on the corner of Westshore Boulevard and Spruce Street opposite International Plaza, in Tampa.

The Corner is a joint venture development of Saber Corner, an affiliate of Saber Real Estate Advisors, and ARC Property Trust, a Real Estate Investment Trust sponsored by ARC Properties Inc.

For the third time in the past five months, Walmart chief merchandising and marketing officer Duncan Mac Naughton is representing Walmart at a major investor conference. Smart move considering expectations of further U.S. same-store sales acceleration has served as a catalyst for Walmart shares, which are trading near a 52-week high.

New York -- A report released Thursday by Bloomberg showed that household confidence improved last week to match the highest level in four years. 

The Bloomberg Consumer Comfort Index was minus 31.4 in the period ended April 15, compared with minus 32.8 over the previous seven days. The reading equaled that from two weeks earlier as the best since March 2008.

Despite the strong showing, the monthly expectations measure fell from a one-year high, showing ongoing concerns that too many Americans are still unemployed.