Target Q2 profit rises 14.3%, revenue misses
Minneapolis Target Corp. reported Wednesday that net income for the quarter ended July 31 rose 14.3% to $679 million, compared with $594 million in the year-ago period.
Cost-cutting offset weaker-than-expected revenue, which reached $15.53 billion, up 3.1%. Analysts expected revenue of $15.62 billion.
Same-store sales edged up 1.7%.
“Our retail segment generated strong profitability, overcoming softer-than-expected sales,” Gregg Steinhafel, Target’s chairman, president and CEO, said in a statement. “Regardless of the pace of recovery, we are well-positioned to continue to gain profitable market share.”
Earlier Target said it plans to drive business into its stores this fall with a 5% discount for customers who pay with Target credit cards. The retailer also said it hopes to attract customers by emphasizing food at its general merchandise stores.
B&N enhances NOOK software
NEW YORK Barnes & Noble announced that it is now offering updated versions of its NOOK e-reading software for iPhone, iPod touch, iPad and PC.
According to the company, the next-generation NOOK for iPhone application delivers the most personalized and easy-to-use e-reading experience for iPhone and iPod touch owners. NOOK for iPad adds customer-requested, in-app content rating and other improvements to the company’s iPad app, and NOOK for PC brings new branding to the company’s desktop software, the company reported.
“We are committed to offering an easy-to-use, comfortable, and fun NOOK e-reading experience across multiple platforms. NOOK for iPhone users can shop Barnes & Noble’s vast catalog of e-books, while enjoying new, customization features and sharing their favorite e-books with friends for free,” said Douglas Gottlieb, VP digital products for Barnes & Noble.com. “NOOK for iPhone puts thousands of eBooks in your pocket, and the reading experience is fantastic. It’s another way that Barnes & Noble’s NOOK offering makes it truly easy to read what you love, anywhere you like.”
Pandora names VP business development
OAKLAND, Calif. Pandora, an Internet radio service, has announced the promotion of Ian Geller to VP business development. In his new role, Ian will manage the company’s relationships with mobile operators and OEMs as well as the major CE device brands, carriers, operators and chipset manufacturers.
Geller joined Pandora in 2006 as the director of business development. Prior to joining Pandora, he was the director of product Management at Virgin Mobile USA where he was responsible for defining Virgin’s mobile music strategy and development.
Jessica Steel, SVP business development for Pandora, said, “Over the past four years, Ian has been integral to our growth by solidifying strategic partnerships that have expanded our presence in mobile and CE devices – more than 100 of which now have Pandora as a feature. We’re confident that in his new role as vice president, Ian will be an outstanding advocate for our business partners, helping them fulfill consumer demand to have Pandora present in all of their connected devices.”