Target to expand grocery sections, add smaller-footprint stores
Minneapolis Target Corp. Gregg Steinhafel said the company aims to expand the grocery sections in its stores and add smaller-footprint locations, according to Gourmet Retailer.
During a quarterly conference call with analysts on May 19, Gregg Steinhafel, Target’s chairman, president and CEO, said the company is on track to remodel more than 240 stores this year with the expanded grocery, or P Fresh, areas.
“By the end of the third quarter, we expect to have more than 450 general merchandise locations, with the P Fresh assortment and presentation,” he said. Thirteen new stores will open this year, the report said.
Meanwhile, Target’s sales increased 5.5% in the first quarter to $15.2 billion in 2010, from $14.4 billion in 2009, due to a 2.8% increase in same-store sales and the contribution from new stores.
Hibbett reports strong Q1, raises outlook
BIRMINGHAM, Ala. Hibbett Sports reported that net sales for the first quarter ended May 1 increased 17% to $184.5 million compared with $157.7 million for the first quarter ended May 2, 2009. Comparable-store sales increased 14.5%.
Net income for the first quarter of Fiscal 2011 increased 58.9% to $17.3 million compared with $10.9 million for the first quarter of fiscal 2010. Earnings per diluted share increased 56.8% to 59 cents compared with 38 cents for the first quarter of fiscal 2010.
Jeff Rosenthal, president and CEO, stated, “The strong sales trend we experienced in the fourth quarter of last year continued throughout the first quarter of this year and into the second quarter. Our overall positive sales performance was driven by double-digit increases in footwear and apparel. The broad-based improvement and exceptional operating margin give us confidence in our optimistic outlook for the remainder of the year.”
The company increased its earnings guidance for fiscal 2011 to a range of $1.35 to $1.50 per diluted share based on mid- to high-single-digit increases in comparable-store sales for the full year.
Target prepares for hurricane season
MINNEAPOLIS Target announced that it will serve as a destination for consumers looking to prepare for hurricane season during National Hurricane Preparedness Week, May 23 to 29.
Target pointed to the number of services it offers including a 24-hour daily command center that monitors global events that could impact its customers and associates. The retailer also said its stores will remain open as long as possible during an emergency to help communities get the supplies they need and holds merchandise in its distribution centers in advance of hurricane season so that it can get supplies to stores as quickly as possible.
“We want our guests to know that before and after a crisis, communities can count on Target,” says Brad Brekke, VP Target assets protection.