Target profit rises 22.6%, sees strong holiday
Minneapolis — Target Corp.’s fiscal third-quarter earnings rose 22.6%, beating analysts’ estimates, boosted by improvements in its credit-card business and rising food sales. The chain also projected a strong holiday, saying it expects an important sales measure to rise more sharply than it has in three years. It is hoping to lure more shoppers during the holidays with its updated store layout and a new credit-card program that offers 5% off all purchases.
“Based on our merchandising and marketing plans, combined with the expected impact of REDcard rewards and our newly completed remodel program, we expect Target’s fourth quarter comparable-store performance will be the best of any quarter in the last three years," CEO Gregg Steinhafel said in a statement.
Target posted net income of $535 million in the quarter ended Oct. 30, up from $436 million in the year-ago period. Revenue rose 2.2% to $15.61 billion.
Within its credit-card segment, profit increased to $130 million from $60 million a year ago, as bad debt expense declined 64% to $110 million, from $301 million in same period last year.
At Target’s retail segment, revenue increased 3% to $15.2 billion. Same-store sales rose 1.6%.
Panera Bread opens at Columbus Center
Columbus, Ind. — New York City-based Centro Properties Group announced that Panera Bread has opened a 4,100-sq.-ft. location at Columbus Center, in Columbus, Ind.
Centro Properties Group is the owner of Columbus Center.
Sbarro to open six Illinois Tollway Oases locations
Chicago — U.S. Equities Realty said that Sbarro will open six new quick-service Italian restaurants at the Illinois Tollway Oases.
Sbarro restaurants will open at the Belvidere, Des Plaines, Hinsdale, Lake Forest, Lincoln and O’Hare Oases, and will vary in size from 700 sq. ft. to 1,240 sq. ft., for a total of 6,360 sq. ft.
“With the addition of Sbarro, we are expanding restaurant offerings for travelers and commuters alike,” said Kevin Stanley, VP U.S. Equities Realty, which manages and leases the Oases. “The growing dining options deliver even more attractions and services for all tollway users who visit the Oases.”
Sbarro operates more than 1,000 restaurants across 42 countries.
The Oases cater to more than 12 million annual visitors, and are home to 10 retail shops and restaurants, including McDonald’s, Starbucks, Subway and Panda Express.