FINANCE

Home Depot raises 2010 guidance; 10 new stores planned for 2011

BY CSA STAFF

New York City — Home Depot on Wednesday slightly raised its fiscal 2010 earnings guidance for the second time in two months as the market for home-improvement projects slowly begins to improve. The retailer plans to open 10 stores in 2011, and has budgeted $1.3 billion in capital expenditures. and about $2.5 billion on share repurchases.

The retailer now expects net income from continuing operations to be $1.97 per share, up from prior guidance of $1.94 per share. Analysts polled by Thomson Reuters, on average, also predict $1.94 per share.

The company now expects revenue to rise 2.3% up from the 2.2% rise expected previously, implying revenue of $67.7 billion. Analysts expect revenue of $67.59 billion.

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FINANCE

Casey’s profit falls on costs associated with fighting hostile bid and recapitalization

BY CSA STAFF

Ankeny, Iowa — Casey’s General Stores reported on Wednesday that the costs of its recapitalization plan and its defense against hostile bids by competitor Canada’s Alimentation Couche-Tard take a bite out of its second-quarter net income.

Casey’s said it earned $21.7 million for the quarter that ended Oct. 31, compared with $33.6 million in the same quarter last year. The results include roughly $19.4 million in expenses related to its recapitalization plan and the dispute with Couche-Tard.

Casey’s quarterly revenue rose nearly 17% to $1.35 billion.

Casey’s operates more than 1,500 stores in the Midwest and recently bought six Short Stop stores in Iowa and 19 On The Way stores in Illinois. The company said last month that it would buy 44 Kabredlo stores for an undisclosed sum.

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Target sets sustainability goals to pursue Energy Star for buildings

BY CSA STAFF

Minneapolis — Target on Wednesday outlined a series of comprehensive sustainability commitments. The retailer set several key milestones for resource use, waste elimination and carbon footprint reduction, which the company aims to achieve by 2016, including earning the Environmental Protection Agency’s Energy Star designation for at least 75% of its buildings.

Target’s other 2016 goals are:

  • Reduce the percentage of operating waste sent to landfills by 15%;
  • Reduce water usage by 10% per square foot;
  • Reduce greenhouse gas emissions by 10% per square foot and 20% per dollar of retail sales; and
  • Improve the efficiency of general merchandise transportation inbound to distribution centers by 15% and outbound by 20% and support the adoption of cleaner and more fuel-efficient transportation practices.

"These goals demonstrate Target’s commitment to superior energy efficiency, and most importantly, to continuous improvement in facility operations to reduce its carbon footprint," said Alyssa Quarforth, national program manager for commercial property markets, Energy Star. "Target’s portfolio-wide approach to tracking energy performance exemplifies how benchmarking can drive improved energy efficiency and carbon reductions."

Target has been incorporating environmental sustainability into its business strategy for some time, installing rooftop solar systems, converting to energy-efficient light fixtures and adopting other initiatives that have earned the retailer Energy Star-certification in more than 100 stores to date.

For more on Target’s sustainability efforts, go to hereforgood.target.com/environment.

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