By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Minneapolis — Fallout from Target’s credit card data breach in December impacted its fourth-quarter and full-year financial results.
Net earnings fell 46 percent to $520 million for the three months, ended Feb. 1, while U.S. sales slipped 3.8 percent to $21.5 billion and domestic comps declined 2.5 percent.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.
Minneapolis – Seasonal markdowns and higher expenses led to a 46 percent decline in Target’s third-quarter profits, to $341 billion.
Total revenues edged up 1.9 percent to $17.3 billion for the three months, ended Nov. 2.
In the U.S., sales rose 2 percent to $16.6 billion, aided by the opening of nine new stores, while comp sales increased 0.9 percent on higher average basket size but fewer average transactions.
Minneapolis — Target has released its Black Friday sales circular, and plans to open an hour earlier on Thanksgiving this year.
The circular, posted here, is highlighted by a Sony PlayStation 4 console, available at 8 a.m. Black Friday morning for $400, and a 40-inch Element LED TV for $270.
Other doorbuster deals include Beats by Dr. Dre Solo HD headphones for $119, reduced from $180, and a 16GB iPad Air Wi-Fi for $479 plus a $100 Target gift card.
Minneapolis — In a display of e-commerce catch-up, Target will begin allowing customers to pick up select online orders at its stores.
The service, which will be available chainwide by Nov. 1, is limited to about 35,000 items including CE and home furnishings, and will not be available Thanksgiving week (Nov. 24-30).
In-store pickup of online orders was pioneered by Circuit City in the mid-2000s and has since become standard practice for many national multichannel chains, including Best Buy, Sears, Staples and Walmart.
Minneapolis – Target will become an MVNO on Oct. 6 with the launch of a prepaid plan through T-Mobile.
The No. 2 discount chain said pricing for its Brightspot mobile program will begin at $35 per month for unlimited talk and text, while a $50 tier adds unlimited data and up to 1GB of 4G data over T-Mobile’s HSPA+ and LTE networks.
Minneapolis — Douglas Dayton, who conceived and led the Target discount store chain in the 1960s, succumbed to cancer on Friday at the age of 88.
Dayton, whose family ran an eponymous Midwest department store chain, developed Target in 1962 to compete within the nascent discount-store channel alongside format forerunners Kmart and Walmart.
He served as president of Target until 1968, when he returned to Dayton to oversee the acquisition and integration of the J.L. Hudson Co., a 21-store Michigan chain.
Minneapolis — Best Buy is doing a better job of thwarting showrooming than Walmart or Target, a new study suggests.
According a report by market research firm Prosper Insights & Analytics, fewer in-store mobile customers defect to Amazon.com while shopping at Best Buy than they do while visiting Target or Walmart stores.
Minneapolis — Target reported higher sales in its fiscal fourth quarter and fiscal year, slightly lower net earnings in the quarter, and an uptick in annual earnings for the period ended Feb. 2.
Fourth-quarter net earnings were $961 million, down 2 percent from the prior year’s final quarter, but full-year net earnings were $2.99 billion, up 2.4 percent from the previous year.
Minneapolis — RadioShack will no longer operate Target’s 1,500 mobile departments, effective this April.
The three-year-old outsourcing arrangement had proved a profit drain on RadioShack, which was excluded from sharing in prepaid and accessories sales, the two most lucrative pieces of the mobile business. It lost $14 million on the Target business in the third quarter of 2012, and attempts at renegotiating the contract failed.
Minneapolis – Target has made its online holiday price-match policy permanent.
The program, which specifically targets Amazon.com, BestBuy.com, Walmart.com and Toysrus.com, will provide price adjustments to in-store customers on identical items priced lower on those sites within one week of purchase.
The policy also extends to local competitors’ sales circulars and Target’s own e-commerce site.