FINANCE

Target spent $1.49 million on lobbying in Q1

BY CSA STAFF

New York City Target Corp. spent $1.4 million on lobbying in the first quarter, focusing on legislation involving credit-card reform, organized crime, clean air and other matters, according to a recent disclosure report.

That was much higher than the $250,000 Target spent a year earlier or the $530,000 it spent in 2009’s fourth quarter.

The retailer also lobbied on clean air and health care in January through March, according to the report it filed April 20 with the House clerk’s office.

Among of the highest-profile issues that Target monitored was the Credit CARD act, which is meant to give credit-card users more information and stop policies that many consider abusive. The bulk of the law –which focuses on “credit card accountability, responsibility and disclosure” — took effect in February.

Target, which sold 47% of its credit card receivables to JPMorgan Chase in May 2008, has tightened its credit-card underwriting standards to reduce risk.

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RadioShack extends partnership with Lance Armstrong

BY CSA STAFF

FORT WORTH, Texas RadioShack’s chairman and CEO Julian Day announced at the company’s annual meeting on May 24 that RadioShack has expanded its partnership with Lance Armstrong and the Livestrong foundation. The company said it will introduce exclusive Livestrong-branded products and accessories in all stores beginning in July.

 

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DSW sees improved sales, earnings for Q1

BY CSA STAFF

COLUMBUS, Ohio DSW announced net income of $30.2 million on net sales of $449.5 million for the first quarter ended May 1, compared with net income of $7.1 million on net sales of $385.8 million for the first quarter ended May 2, 2009. Same-store sales increased 16.2% versus a decrease of 4.7% last year.

Diluted earnings per share were 67 cents for the first quarter of fiscal 2010 compared with diluted earnings per share of 16 cents last year.

The company reiterated its estimate of an increase in annual comparable-store sales of approximately 6% to 8% and annual diluted earnings per share of approximately $1.65 to $1.75 for fiscal 2010.  The estimated year-over-year earnings increase is expected to occur in the first six months of fiscal 2010.  The second half performance implied in the guidance recognizes the more challenging last year comparisons for both sales growth and merchandise margins.

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