News

Target CFO Doug Scovanner moderated analysts’ second-quarter and full-year earnings expectations slightly, although it can at times be difficult to tell given the language used to communicate in the Wall Street guidance game.

Last week’s issue of Target News Now contained some inaccurate information relating to the level of promotional activity during April at some of the nation’s leading retailers. The correct information along with a link to a revised chart provided by research company Market Track is below.

WASHINGTON — An Associated Press/GfK poll released Friday determined that rising gas prices will cause “serious” hardship for as much as 41% of Americans.

Almost 3-in-4 adults acknowledged that $4 per gallon or more at the pump will at least cause some hardship.

Hoffman Estates, Ill. — Sears Holdings has named William Phelan as acting CFO, replacing Michael Collins, currently SVP and CFO, who resigned last week to pursue another opportunity, the company reported in an SEC filing.

Collins will remain with the company until June 10 in order to ensure a smooth transition, Sears noted in the filing.

With the dust settled from Target’s first-quarter earnings announcement last week, it has become quite apparent the company would not be faring well were it not for the beneficial effects of the PFresh remodeling program and last fall’s introduction of 5% REDcard Rewards.

Sharp pricing on an expanded assortment of food and consumables is one way for Target to get customers to shop its stores more frequently, but this week saw the company break out another type of trip generator with the cover of its weekly ad featuring tee shirts and shorts at an opening price point of $3.

At that price, moms have pretty low expectations of quality. Cut and color matter more than the finish work on seams, since the clothes only need to last for a couple months until summer. The garments will be outgrown by next summer and the cycle repeats itself.

Birmingham, Ala. -- Hibbett Sports Inc. reported Friday that net income for the quarter ended April 30 rose 23% to $21.3 million, compared with $17.3 million in the year-ago period.

Revenue increased 10.4% to $203.7 million, beating analysts’ projected $200.8 million in revenue. 

During the quarter, Hibbett opened eight new stores, expanded four others and closed seven underperforming stores. During the rest of the fiscal year, Hibbett said it expects to open between 50 and 55 new stores, close 10 to 15 stores and expand another 15 stores.

NEW YORK — Each year, the graduating class of the Master of Professional Studies degree program in cosmetics and fragrance marketing and management at FIT researches and forecasts trends or growth concepts within a specific area of the beauty industry, which they then present to an audience of industry executives.

Target sponsored this year's presentation titled "Beauty For All: Innovations in Mass Retail." On hand to deliver keynote remarks during the event was Will Setliff, VP marketing for Target.