News

HANGZHOU, China -- Gap Inc. is expanding its presence in China. The company announced that it has opened an online Gap store (gap.tmall.com) on Taobao Mall, the business-to-consumer platform within Taobao, China’s largest retail website. Gap's Taobao Mall store will offer a wide selection of stylish products from Gap, GapKids and baby gap, the company reported.

New York City -- Saks said Tuesday that lenders have agreed to amend a $500 million revolving credit agreement that now extends to 2016. The agreement also favorably revises other terms.

As a result, the department store retailer estimates its 2011 interest expenses will total about $50 million, down from its previous estimate of $51 million to $53 million.

The debt previously was scheduled to mature Nov. 23, 2013. Now, it matures March 29, 2016.

Matthews, N.C. -- Family Dollar Stores reported Wednesday that net income for the quarter ended Feb. 26 rose 10% to $123.2 million, compared with $112.2 million a year earlier. Results were helped in part by improved traffic and higher transaction value.

Revenue increased 8% to $2.26 billion, from $2.09 billion. Same-store sales rose 5.1%.

Earlier in March, Family Dollar turned down an approximately $7 billion buyout offer from minority shareholder Nelson Peltz's Trian Fund.

PARIS  -- L'Oreal Paris announced that it has named Madame Ines de la Fressange as its latest ambassador.

"Ines de la Fressange, our new L'Oreal Paris spokeswoman, has divine grace, that very contemporary way of being a woman, at once free, unexpected and mesmerizing. An accomplished model, mother and designer, she leads a full life. I am delighted that she is bringing that irresistible 'je ne sais quoi' to the brand," says Cyril Chapuy, global brand president L'Oreal Paris.

Dallas -- Retalix announced Wednesday that c-store chain Family Express has selected the Retalix Demand-Driven Replenishment solution to reduce out-of-stocks, enhance the quality of its center-of-store product and fresh product offerings, and optimize its inventory position.

“Retalix’s Demand-Driven Replenishment solution offers one of the most robust, feature-rich systems on the market, and the depth of its intuitive analytics made our decision very easy,” said said Bill Nolan, VP marketing of Valparaiso, Ind.-based Family Express.

MINNEAPOLIS -- Target announced that as part of its Earth Month celebration, it is offering customers the chance to win a "Refresh Your Nest" home makeover worth up to $50,000 with the help of LEED accredited designer Sabrina Soto, as well as hundreds of other sustainable prizes. Guests can log on to Target.com/Eco to enter the sweepstakes.

The Target.com/Eco site also features sustainable products for purchase, sustainable decorating tips from Soto and coupons for use at Target stores.

Profit grew by nearly 10% to $123.2 million and sales advanced 8.3% to nearly $2.3 billion, as Family Dollar remained on a consistent growth trajectory during its second quarter ended Feb. 27. Earnings per share for the period increased 21% to 98 cents compared with 81 cents in the second quarter the prior year.

WOONSOCKET, R.I. — CVS Caremark has named Helena Foulkes, who is widely regarded as one of the most visionary marketers in modern drug store retailing, to the newly created position of EVP and chief healthcare strategy and marketing officer.