FINANCE

Target completes sale of credit card portfolio to TD Bank

BY Staff Writer

Minneapolis — Target Corp. said it has completed the sale of its entire consumer credit card portfolio to TD Bank Group for $5.7 billion, the gross value of the outstanding receivables at the time of closing.

As previously announced, the two companies have entered into a seven-year program agreement under which TD will also underwrite, fund and own future Target Credit Card and Target Visa receivables in the United States. Under the program agreement, TD will control risk management policies and oversee regulatory compliance and Target will continue to perform account servicing functions.

"We’re pleased that we’ve completed the sale of our credit card portfolio," said Gregg Steinhafel, chairman, president and CEO of Target Corp. "We look forward to working with TD Bank Group, a premier financial institution, to provide innovative financial products to our guests and profitably grow the portfolio over time."

Under the seven-year program agreement, which applies to Target’s U.S. credit card operations, Target will maintain the current deep integration between its financial services operations and its retail operations. The agreement does not have any impact on Target’s 5% REDcard Rewards program.

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buangsila001 says:
Mar-14-2013 05:02 am

TD Bank or Toronto-Dominion
TD Bank or Toronto-Dominion Bank has 79,000 employees and over 19 million clients worldwide. It is the second largest bank in Canada. - J. Kale Flagg

buangsila001 says:
Mar-14-2013 05:00 am

TD Bank or Toronto-Dominion
TD Bank or Toronto-Dominion Bank has 79,000 employees and over 19 million clients worldwide. It is the second largest bank in Canada. - J. Kale Flagg

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FINANCE

Michaels Stores Q4 profit rises 15%

BY Staff Writer

Irving, Texas — Michaels Stores said its fourth-quarter profit rose 15%, boosted by higher sales.

For the three months ended Feb. 2, the company said net income rose to $112 million, up from $97 million in the year ago period.

Revenue rose 9% to $1.52 billion, helped by an extra week in the quarter. Same-store sales increased 1.7%, with a 2.3% increase in the average ticket.

For the year, net sales increased 15% to $4.41 billion. Net income totaled $214 million, up from $176 million in fiscal 2011.

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S.Hance says:
Mar-14-2013 06:39 pm

Congratulations for having a
Congratulations for having a 15% profit, I hope it would increase more. Strategies are need to maintain and improve it. - Aflac Assist LLC

S.Hance says:
Mar-14-2013 06:39 pm

Congratulations for having a 15% profit, I hope it would increase more. Strategies are need to maintain and improve it. - Aflac Assist LLC

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INVENTORY

Urban Outfitters deploys PCSTrac’s next-generation inventory management tool

BY Marianne Wilson

Philadelphia — PCSTrac, in partnership with Urban Outfitters, has launched the next generation of StoreTrac software,a web-based inventory control and management application for retail store operations.

The enhanced application delivers a store-level snapshot of shipments by volume and category type, as well as key details such as SKU, style, item quantity, item description, and shipment history on forthcoming shipments.

All Urban Outfitters Inc. brands are using the StoreTrac visibility solution, including Urban Outfitters, Anthropologie, and Free People – approximately 430 locations in all.

“We have been searching for better visibility into inbound product shipments so each store could plan their business more efficiently. PCS has provided us everything that we were looking for and changed the way we look at in-store receiving!” said Travis Serpa, senior operations manager, Urban Outfitter.

StoreTrac’s web-based reporting tools allow retail store managers to print reports at the store level to see exactly what is coming into the store. A SKU search function provides visibility to cartons in transit and allows store personnel to see what items are on their way.

“Our stores tell me that they ‘totally love’ the enhanced StoreTrac visibility and planning tool. It’s easy to use, contains invaluable merchandise data, and is a vast improvement from our previous process,” said Joel Martin Cox, transportation supervisor, Urban Outfitters.

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G.Gacho says:
Mar-14-2013 09:42 am

Urban Outfitters are know for
Urban Outfitters are know for there T-shgirt emblazoned, ironic mechandies and expensive kitschy. - Rich Von Alvensleben

G.Gacho says:
Mar-14-2013 09:42 am

Urban Outfitters are know for there T-shgirt emblazoned, ironic mechandies and expensive kitschy. - Rich Von Alvensleben

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