Consumer Affairs & Relations

Target misses bullseye in Q4 as profit, sales fall; gives weak 2017 outlook
Strong online sales were not enough to help Target Corp. overcome a very disappointing fourth quarter, whose sales and earnings were far below Wall Street expectations. And the discounter offered a weak outlook for 2017. Target on Tuesday issued a full-year profit forecast that was far below market expectations, and said it plans to invest more money into enhancing its digital online platform and cutting prices. The chain said it would sacrifice gross margins this year to stay ahead of the competition.
Report: Target in store renovation push
In the wake of a disappointing quarter, Target Corp. is making long-term investments in its future. The discounter plans to spend $7 billion in cash during the next three years as it lowers its prices and invests in its stores, with renovations planned for some 600 locations, reported CNBC. "We can't capture that market share if we're presenting an old, tired store," Target CEO Brian Cornell said.

NRF takes its case against border adjustment tax to the public

Kimco makes two senior appointments

Ross Cooper (left) and David Jamieson (right).

Report: Walmart in price tests

Walmart turning up the heat on prices? The nation’s largest retailer is not going to let grocery competitors, both newer and more established ones, take away its low-price dominance. The chain is running a price-comparison test in about 1,200 U.S. stores as it looks to close a pricing gap with such rivals as Aldi and Kroger Co., according to a report by pymnts.com.

Supermarket retailer promotes COO

Raley’s has given COO Keith Knopf the additional title of president. Raleys owner & CEO, Michael Teel announced the promotion of Knopf, who joined the company nearly two years ago, around the time Teel took majority ownership of the company. Teel will continue to direct the development of Raley’s overall strategic plan.

L Brands’ same-store sales flat, lowers 2017 outlook

L Brands is preparing for steep losses in the near-future, specifically across its Victoria’s Secret brand. For the quarter ended January 28, 2017, net sales were $4.489 billion, an increase of 2% compared to $4.395 billion for the quarter ended January 30, 2016. The company’s net income was $631.7 million compared to $636 million last year.

NRF and retailers to U.S. Supreme Court: Let swipe card fees ruling stand

Payment card fees is a sore subject for the retail industry — especially with the possibility that a settlement is being revisited by parties seeking an appeal. The National Retail Federation and the Retail Industry Leaders Associa-tion requested that the U.S. Supreme Court let stand an appeals court rul-ing that struck down a controversial 2012 settlement of a class action lawsuit over Visa and MasterCard’s swipe card fees.

Chico’s turns a profit in Q4

Better inventory management and reduced promotions are helping to keep Chico’s FAS on the right financial path. For the 13 weeks ended January 28, 2017, Chico’s reported net income of $13.5 million compared to a net loss of $21.1 million for the same period last year.

NRF: Consumers are tightly holding on to their tax refunds

Retailers shouldn’t expect consumer tax refunds to equate into a sales boom anytime soon. A record low number of Americans will spend their tax returns this year, while the second-highest number on record will put the money into savings, according to the annual tax return survey released by the National Retail Federation and Prosper Insights & Analytics. The study, which is based on responses from 7,609 consumers, was conducted Feb. 1 - Feb. 8.

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