Target profit falls 46% on Canadian costs; trims full-year forecast
ChainStoreAge.com - Nov 22nd, 10:20
Minneapolis -- Target Corp.'s third-quarter net income fell 47%, hurt by costs related to its Canadian expansion. Its adjusted profit beat analysts' estimates, but sales fell short. The retailer lowered its full-year adjusted earnings forecast.
For the three months ended Nov. 2, Target earned $341 million, or 54 cents per share, down from $637 million in the year ago period. Removing Canada-related expansion costs and other items, earnings were 84 cents per share.
Revenue increased 2% to $17.26 billion from $16.93 billion. Wall Street expected $17.38 billion. Same-store sales inched up 0.9%, less than expected.
Target CEO Gregg Steinhafel said the company's U.S. division performed well despite the fact that "consumer spending remains strained."http://www.chainstoreage.com/article/target-profit-falls-46-canadian-costs-trims-full-year-forecast
Mr Price Home goes online
22/11/2013 - 09:01
Value fashion retailer, Mr Price has taken its homeware division, Mr Price Home online. Mr Price Apparel launched its online sales platform in South Africa in July 2012 and internationally in July 2013.
Walmart warns of flat festive sales
18/11/2013 - 10:53
Washington - Walmart reported on Thursday a 2.8% year-on-year rise in third-quarter net profit, but warned that sales during the crucial holiday shopping season are expected to be "relatively flat."
Macy’s Herald Square’s unveils revamped beauty department
18/11/2013 - 09:51
New York -- Macy’s Herald Square store has taken the wraps off a dramatic makeover of its beauty and fragrances department. Re-fashioned within a brand-new 24,000-sq.-ft. space, the new department includes brand new counters, shops and bars for brows, blow-outs and nails.
SA retail sales growth at 0.2%
14/11/2013 - 11:07
Johannesburg - Retail sales grew at a sluggish 0.2% in September compared with the same month last year, after expanding by a revised 3.2% in August, Statistics South Africa said on Wednesday.
Mr Price earnings jump 22%
13/11/2013 - 14:36
Johannesburg - Retailer Mr Price on Tuesday posted interim earnings growth of 22% because of sales growth and said it plans to open over 40 stores in the second half of the year.