Target Quarterly Profit Falls
Minneapolis Target announced Tuesday that its fourth-quarter profits fell, but that results were somewhat better than Wall Street had expected.
Earnings fell 8% to $1.03 billion, from $1.12 billion last year. Revenue edged up nearly 1% to $19.87 billion, from $19.71 billion last year.
According to the company, results were helped by new-store expansion and revenue from credit card operations. Same-store sales edged up 0.2%.
“Our financial performance in 2007 fell short of our expectations as the pace of sales and earnings slowed considerably in the second half of the year,” said Bob Ulrich, chairman and CEO. “As we enter 2008, we remain keenly focused on the disciplined execution of our core strategy, positioning Target to deliver improved financial results, even in the face of continued challenges in the current economic environment.”
For the full year, Target earned $2.85 billion, up from a 2006 profit of $2.79 billion. Revenue rose 6.5% to $63.37 billion, from $59.49 billion a year ago.
Family Dollar names human resources head
MATTHEWS, N.C. Family Dollar Stores today announced that Bryan Venberg has been named to the position of senior vp of human resources. Venberg will report to Howard Levine, chairman of the board and ceo.
Prior to joining Family Dollar, Venberg served as senior vp of operations of customer service and human resources with ShopNBC. He has held similar positions with Target, as well as with Marshall Fields.
Staples to offer free tax return copies
FRAMINGHAM, Mass. Staples announced today that it will be offering its customers free copies of their 2007 tax returns. On April 15, Staples Copy & Print Centers nationwide will provide free copies, up to 20 pages, of 2007 tax returns.
“We have all become so comfortable storing and sending data electronically, that many people are not keeping hard copies of important documents,” said John Burke, senior vp of business services at Staples. “Nothing is easier to access and more reliable than a paper copy of your taxes, which is why Staples is offering free copies of tax returns.”