Target still driving sales, despite leadership uncertainty
MINNEAPOLIS — Target reported October sales growth that fell short of analysts’ expectations, while uncertainty remains following the recent departure of the company’s CFO.
Target reported that its net retail sales for the four weeks ended Oct. 29 were $4.8 billion, an increase of 4.3% from $4.6 billion for the four weeks ended Oct. 30, 2010. On this same basis, comparable-store sales increased 3.3% in October and 4.3% in the third quarter.
"We’re pleased with Target’s third-quarter comparable-store sales performance," Target chairman, president and CEO Gregg Steinhafel said. "We believe our unique merchandise assortment, exceptional everyday prices and superior shopping experience are more relevant than ever in these challenging economic times. We’re confident that our merchandising and marketing plans position Target to drive strong results throughout the holiday season and beyond."
Earlier this week, Target announced that its EVP and CFO, Doug Scovanner, will retire on March 31, 2012. He will remain in his current role for the next five months in order to ensure a smooth transition once his successor is named, the company said.
The timing of the retirement is unfavorable for Target, which saw the departure last month of Steve Eastman, president Target.com, following the retailer’s troubled website revamp, and the loss of Michael Francis, who as chief marketing officer was leading Target’s entrance into Canada, to JCPenney.
How Scovanner’s departure will impact future sales and earnings results remains to be seen.
New ‘Mickey Mouse Clubhouse’ adventure released by Walt Disney Studios
LOS ANGELES — Walt Disney Studios has expanded its lineup of "Mickey Mouse Clubhouse" videos.
Designed for children ages 2 to 5 years, "Mickey Mouse Clubhouse: Space Adventure" a 45-minute, space-themed film starring the Mickey Mouse Clubhouse gang: Mickey, Minnie, Donald, Goofy and Daisy.
"Mickey Mouse Clubhouse: Space Adventure" is available on a two-disc combo pack (which includes a DVD and digital copy) for the suggested retail price of $19.99.
Costco delivers strong sales in October
ISSAQUAH, Wash. — Costco reported net sales of $7.01 billion for the four weeks ended Oct. 30, an increase of 11% from $6.3 billion during the similar four-week period last year.
Total comparable-club sales for the month were up 9%. U.S. comparable-store sales also were up 9%, while international comps rose 8%. Excluding the impact of fuel and foreign currencies total comps rose 7%, U.S. comps rose 6% and international comps rose 9%.
For the first nine weeks of its reporting period ended Oct. 30, the company reported net sales of $15.62 billion, an increase of 13% from $13.81 billion during the similar period last year.
Costco currently operates 595 warehouses, including 432 in the United States and Puerto Rico, 82 in Canada, 32 in Mexico, 22 in the United Kingdom, nine in Japan, eight in Taiwan, seven in Korea and three in Australia.