Thursday, May 24, 2018

Delayed spring takes a toll on Target even as customer traffic surges

Chain Store Age
A strong quarterly traffic gain was not enough for Target, whose profit missed Street expectations amid a late spring and higher costs. The discounter’s net income rose 5.9% to $718 million, or $1.34 a share. On an adjusted basis, it earned $1.32 a share, below expectations of $1.39 a share. Revenue rose 4.75% to $16.782 billion, topping analysts’ forecasts of $16.5 billion. Digital sales increased 28%, on top of 21% growth in the year ago period. Same-store sales rose 3%. Traffic increased 3.7%, its strongest quarterly performance in more than 10 years. . . more