eCommerce

Indianapolis -- Simon Property Group Inc. announced that its Premium Outlets division has reached an agreement with the Gila River Indian Community's Wild Horse Pass Development Authority to develop Phoenix Premium Outlets, an upscale outlet shopping center serving the Greater Phoenix and Scottsdale areas. 

Frisco, Texas -- The City of Frisco executed a Memorandum of Understanding with Forest City Development and its partner, Ernest Mahard Jr. to develop a 320-acre mixed-use development on the southwest corner of the Dallas North Tollway and U.S. Highway 380. 

Bounded by Virginia Parkway and County Road 26, this development will encompass retail, residential, office, entertainment, hospitality, municipal parks and services. 

SAN FRANCISCO — The rising cost of goods and a challenging economic environment took its toll on Gap Inc.'s first-quarter sales and earnings. Gap Inc. reported that net income for the first quarter decreased 23% to $233 million compared with $302 million for the first quarter last year. First quarter diluted earnings per share was 40 cents.  

New York City -- Liberty Media Corp. has offered to buy Barnes & Noble in a deal valued at about $1 billion, which represents a 20% premium over the bookseller’s market value Thursday. Barnes & Noble said Thursday that the cash offer, which the Wall Street Journal called a “stunner,” is worth $17 a share.

The companies have yet to sign an agreement.

Los Angeles -- Samuels & Co. Inc. said it has recently completed five transactions for Merlin Entertainments Group, the second largest location-based entertainment company in the world which develops, owns and operates outdoor theme parks and indoor attractions.  

San Francisco -- Williams-Sonoma reported Thursday that net income for the quarter ended May 1 jumped 62% to $31.6 million, from $19.5 million a year earlier, topping company expectations.

Revenue rose 7.4% to $770.8 million, better than expected.

Same-store sales, which includes direct-to-consumer revenue, rose 9%. Same-store sales rose 3.1% at the namesake brand, 7.9% at Pottery Barn and a record 11% at Pottery Barn Kids.

City of Industry, Calif. -- Hot Topic reported Wednesday that its loss for the fiscal first quarter widened to $7.7 million, compared to a net loss of $1.8 million last year.

The first quarter results include $12.4 million of expenses for the implementation of the previously announced charges for strategic business changes and cost reduction plan.

Revenue dipped 0.8% to $161.3 million compared with $162.6 million for the first quarter last year. Same-store sales edged up 0.2%.

New York City -- New York & Co. reported Thursday a loss of $3.7 million in the first quarter, compared with a loss of $4.9 million a year ago.

Sales rose to $239.4 million from $237 million. Same-store sales increased 2.5%.

The company said it expects to close eight stores and remodel six existing locations, ending the second quarter of fiscal year 2011 with 545 stores, including 24 outlet stores.