Target, Inc.

PLANO, Texas — Investors who were holding out for some of Michael Francis' Target marketing magic to rub off on JCPenney will be left wondering what could have been, as the company announced Francis' departure effective Monday.

CEO Ron Johnson will assume direct responsibility and oversight of the company's marketing and merchandising functions.

Johnson said, "We thank Michael for his hard work at JCPenney and wish him the best in his future endeavors."

With Target set to open its first stores in Canada in less than a year, one source of competition will come from the rapidly growing Dollarama chain.

The 721 unit Montreal-based Dollarama chain said its first quarter same-store sales increased by a weather-aided 8.1%, and total first quarter sales increase 14.9% to $398 million for the period ended April 29. Earnings per share increased 40% to 56 cents from 40 cents. The gross margin rate increased to 36.3% of sales from 35.7% and expenses declined to 18.5% of sales compared to 19.7%.

Target held steady on the promotional front in May with the number of circulars and total pages consistent with the prior year. For a look at Target’s activity and those of other leading retailers check out the last report from Market Track.

 

 

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MINNEAPOLIS — Canned peaches, criminal records and political contributions were among the top shareholder concerns expressed at Target’s annual meeting on Wednesday afternoon.

New York -- Canned peaches, criminal records and political contributions were among the shareholder concerns expressed at Target’s annual meeting on Wednesday afternoon.

The St. Jude Children’s hospital is the beneficiary of a bicycle ride slated for this weekend that wouldn’t be happening without the support of Target.

Motocross champion Ryan Dungey and Target are hosting the MN Major River-to-River Ride with Ryan Dungey on Sunday, July 15, featuring rides of different lengths and skill levels. The ride takes place the day after Dungey competes at Spring Creek in Millville, Minn. as part of the Lucas Oil Pro Motocross Championship.

Minneapolis -- Target Corp. said Wednesday its board approved the increase of its quarterly dividend by six cents, or 20%, to 36 cents. The chain will pay the dividend on Sept. 10 to shareholders of record as of Aug. 15.

Target Corp. has paid a dividend every quarter since going public in 1967.