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Finish strong: heat and holiday timing to aid July sales
After a weaker-than-expected showing in June, Target needs a solid performance in July to deliver on its second quarter sales and profit expectations.
June same-store sales increased a modest 2.1%, well below a 4.4% increase in May, but the deceleration didn’t cause the company to adjust its second quarter guidance. The company expects second quarter earnings adjusted to exclude expenses related to its entry in Canada to range from $1.04 to $1.14 and earnings that include the Canadian costs to range from 94 centers to $1.04.
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Hhgregg lowers guidance on lackluster video sales
Indianapolis — In light of poor performance in its video category, electronics retailer Hhgregg has lowered its fiscal 2013 guidance.
Hhgregg is expecting net sales for its first quarter to be approximately $490 million, an increase of approximately 13.5% as compared with the $431.5 million of net sales reported in the fiscal first quarter last year. The company attributes the sales growth to the net addition of 30 new stores during the quarter.