Target looks to top $100 billion sales mark boosted by Canada stores revenue
New York City — Target Corp. said its annual sales may top $100 billion within the next seven years, with revenue boosted by its first expansion outside the United States, Bloomberg reported.
The chain also may double earnings per share over that period, CFO Douglas Scovanner said Thursday on a conference call after fourth-quarter results. Net income in the period ended Jan. 29 rose 11% to $1.04 billion.
Target plans to open stores in Canada as of 2013. The expansion, coupled with Target’s new rewards program and the introduction of more fresh food, may help the chain overcome a “persistently weak” U.S. discount market, Scovanner said.
Collegiate Retail Alliance teams with Copia for social commerce solution
Plymouth Meeting, Pa. — The Collegiate Retail Alliance, a coalition of more than 50 independent college stores, and social e-reading platform Copia Interactive announced Friday a partnership to provide Copia’s social bookstore experience to the students, faculty and staff of universities served by CRA members.
Ten CRA member stores will participate in the pilot program, which will launch in March. Stores will be able to offer Copia’s full suite of digital content capabilities, including note sharing, free online discussion groups, and an extensive eBook catalog.
"Our new partnership with Copia is another example of our ongoing commitment to helping CRA member stores develop and deploy the industry’s most successful business practices and solutions," said Richard W. McDaniel, CRA president and chairman. "Copia’s combination of digital content delivery, e-commerce, and social networking will offer the customers of CRA member stores an incredible new content experience."
GNC profit leaps 56% in Q4
Pittsburgh — General Nutrition Centers reported Friday that net income for the quarter ended Dec. 31 surged 56.3% to $19.8 million, compared with $12.7 million in the year-ago period.
Revenue for the quarter rose 7.9% to $435.7 million, from $403.9 million a year earlier. Same-store sales improved 5.8% in domestic company-owned stores (including e-commerce sales).