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Target lowers Q1 sales and profit forecast | RetailingToday.com →
Softer than expected sales trends prompted Target to lower its first quarter earnings outlook Tuesday morning.
The company said it now expects first quarter comps to be flat, after previously forecasting a range of flat to 2% growth. The softer than expected sales prompted the company to revise first quarter adjusted profit expectations to an unspecified level of “slightly below” earlier guidance of $1.10 to $1.20.
The reduced guidance was offered as part of a financial update connected to the company’s recent settlement of a debt tender offer and credit card portfolio sale. According to the company, factors contributing to the reduction…
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Target To Buy Two Online Culinary Businesses →
Discount retailer Target Corp. said Thursday that it has agreed to buy CHEFS Catalog and assets of Cooking.com in two separate deals to expand its presence in the growing cooking and kitchenware market.
Financial terms of both the deals, which are expected to close within 30 days, were not disclosed.
CHEFS Catalog, currently a portfolio company of private equity firm JH Partners, LLC, is a direct-to-consumer specialty retailer of top rated cookware, bake ware, cutlery, kitchen tools and cooking utensils aimed at home chefs to create delicious and new recipes. Cooking.com is a culinary e-commerce company, which offers over 30,000 products for the kitchen as well as recipes, cookbooks and a growing library of member-submitted cooking content.
Following the closings, the two businesses will be combined to create a new, wholly owned subsidiary of Target. Both brands will continue to operate under their current names.
Target believes the deal will not have any meaningful financial impact on its 2013 results.
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Target's slight earnings increase impacted by Canadian costs →
Start-up expenses and other costs related to its Canadian entry reduced Target’s earnings per share for the fourth quarter by approximately 18 cents.
The company reported fourth quarter net earnings of $961 million, or $1.47 per share, compared with $1.45 per share for the same period last year. Adjusted earnings per share, a measure the company believes is useful in providing period-to-period comparisons of the results of its U.S. operations, were $1.65 in fourth quarter 2012, up 10.1% from $1.49 in 2011.
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Target vows to match Amazon’s prices →
Target has Amazon in its crosshairs. Fed up that customers scan the store’s aisles with one eye on their smartphones, and often end up making purchases online for less — a practice known as showrooming — the big-box retailer Tuesday promised to match Amazon’s prices year round.
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Target December Net Retail Sales Up 0.8% →
Retailer Target Corp. Thursday said its net retail sales for the five weeks ended December 29, 2012 edged up 0.8 percent to $10.214 billion from $10.14 billion for the five weeks ended December 31, 2011. On this same basis, December comparable-store sales were essentially flat.
Gregg Steinhafel, CEO, said, “December sales were slightly below our expectations, as strong results late in the month did not completely offset softness in the first three weeks.”
Similar to November, profitability for December benefited from continued focus on achieving an appropriate balance between price investments and driving sales, combined with inventory management, Steinhafel added.
Target expects that its fourth quarter 2012 earnings per share will meet or somewhat exceed the low end of its prior guidance.
Target’s had indicated that it expected fourth quarter adjusted earnings per share of $1.64 to $1.74 and GAAP earnings per share of $1.45 to $1.55. The 19-cent difference between these ranges reflected the expected earnings per share impact of expenses related to the company’s Canadian market entry.
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Target + Neiman Marcus And A Lesson In Multichannel Retailing →
Target is about to launch its most ambitious merchandise scheme to date — the Target + Neiman Marcus Holiday Collection on Dec. 1 — but it’s really the culmination of a year-long effort by the company to evolve into a multichannel…
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Target to Offer Exclusive Sam & Libby Footwear Line →
Target Corporation—which has partnered with many designers over the years—on Monday announced an exclusive partnership with Sam & Libby, a footwear brand that’s owned by St. Louis-based Brown Shoe Company.
The exclusive collection, Sam & Libby for Target, will debut … -
Big-box retailers take on Internet →
Big-box retailers are confronting their Internet competition head-on this holiday season.
As the peak shopping period kicks off this week, Target and Best Buy will be leading the charge against Amazon and other Internet rivals by matching prices that shoppers find online.
“The holiday is evolving,” said Marshal Cohen, chief industry analyst at NPD Group. “It’s a paramount issue and retailers had to respond.”
The first-time offer is a reaction to the practice known as “showrooming,” in which consumers visit stores to evaluate an item but choose to buy it cheaper online. In fact, 75 percent of consumers…
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Target Offers 3rd-Party Product Reviews In-Store, Online - Twin Cities Business →
Roughly 25 products in Target stores nationwide and more than 300 products on Target’s website now feature reviews written by editors at technology news website CNET.
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Target to Close Four Underperforming Stores →
The retailer, which has announced plans to open 10 new U.S. stores next year, said it will close four existing locations “after careful consideration of the financial performance” of each of them
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