US: Retail sales boost Target Corp earnings
Target retail sales came in above expectations
US retailer Target Corp. saw its earnings increase in its fiscal first quarter, boosted by retail sales that came in above expectations.
Net earnings for the quarter ended 1 May reached US$671m compared to $522m in the prior year period.
Sales increased 5.5% to reach $15.2bn due to a 2.8% increase in comparable-store sales and the contribution from new stores.
“We’re very pleased with our first quarter financial results, which were the result of disciplined execution by our teams in a stronger-than-expected economic environment,” said Gregg Steinhafel, chairman, president and CEO of Target Corp. said.
“Our retail segment delivered results well above our expectations, as sales of higher-margin discretionary items were particularly strong,” he added.
Going forward, the retailer said it will continue its “relentless focus” on low prices.
With its all-new Carrefour Planet hypermarket chain and with a target of 18% sales growth in five years, the French retail giant is clearly reaching for the stars. But will the French retail giant suc...
Manufacturers found reason to breathe a sigh of relief last week as Wal-Mart announced it would be reversing a number of the range rationalisation initiatives it undertook as part of its 'Project Impa...
- Does Kraft Heinz want to swallow Unilever whole?
- Focus: Nestle CEO plan to balance sales, earnings
- Comment: Meal kits in US - don't believe the hype
- Will Kellogg's DSD exit help it grow in US snacks?
- Why Reckitt Benckiser moved for Mead Johnson
- Kraft Heinz pursuing Unilever in takeover move
- Nestle plans restructuring as 2016 profit misses
- Kraft Heinz pulls Unilever bid
- General Mills issues profit warning
- Kerry Group staff in Ireland suspend strike action