US: Target Corp Q1 profit falls 7.5%
Softer than expected sales have pushed discount retailer Target Corporation to a 7.5% drop in first quarter profit as cash-strapped consumers tightened their belts.
For the three months to 3 May, net earnings fell to $602m or $0.74 per share, from $651m or $0.75 per share in the same period a year ago.
Retail sales rose 5.0% to $14.3bn from $13.6bn, but this growth was due to the addition of new stores. On a same-store basis, sales fell 0.7%.
"Our first quarter earnings per share met our expectations despite softer-than-expected sales performance," said Gregg Steinhafel, president and chief executive officer.
The Minneapolis-based retailer also said it has completed an agreement to sell nearly half its credit card receivables to financial services firm JPMorgan Chase for $3.6bn.
Target, the US' second-largest discount retailer operates 1,613 general merchandise and food discount stores.
Help test our new apparel sourcing tool.
The following is a general roundup of US apparel and shoe chains' October 2008 sales results. The list will be updated as new results become available....
The following is a general roundup of US apparel and shoe chains' September 2008 sales results. The list will be updated as new results become available....
Second quarter profit at discount retailer Target Corporation has fallen 7.6% on higher expenses and lower clothing sales at its 1,648 Target stores....
- Outlook 2017 – What next for apparel sourcing?
- $1.7bn package to boost Pakistan clothing exports
- Mexico riots hit apparel retailers and shipments
- M&S clothing growth – What the analysts say
- Is China about to burst its apparel trade bubble?
- MAS Holdings planning second industrial park
- Cambodia clothing exports at risk from Brexit
- Aéropostale to reopen 500 stores across the US
- JC Penney latest retailer to shutter stores?
- Target leads funding for mobile quality inspection
- Global apparel markets: product developments and innovations, October 2016
- Anti-odour clothing: fresh fashion for an active lifestyle
- Outdoor performance apparel 2016: A broader perspective
- Global market review of lingerie – forecasts to 2022
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar