Target Corp.’s third-quarter net income dropped 47 percent, stung by costs related to its expansion into Canada. Its adjusted profit beat analysts’ estimates, but revenue fell short. The department store operator also lowered its full-year adjusted earnings forecast.
Target says its first-quarter adjusted profit will likely come in slightly below its forecast because of weaker-than-expected sales of seasonal and weather-sensitive items.
Best Buy Co. says its fourth-quarter loss narrowed as it cut costs to offset nearly flat sales during the key holiday quarter. It also says a deadline passed without a bid from its co-founder, Richard Schulze.
Target is setting its bullseye on Canada in 2013. Its investment in a Canadian launch this year and weaker-than-expected holiday sales caused Target Corp.’s net income to fall 2 percent in the fourth quarter of last year.
Struggling consumer electronics chain Best Buy said Friday that a key revenue metric declined during the critical holiday season. But its flat performance in the U.S. was better than the past several quarters, and online revenue showed strong growth.
Target says a key revenue figure fell 1 percent in November, hurt by weak sales in the first two weeks of the month.
Best Buy Co. reported another dismal quarter on Tuesday, recording a loss in the third quarter, hurt by a continued sales slump and charges related to restructuring. Shares fell more than 11 percent in morning trading to its lowest level in more than a decade.
3M Co. is reducing its profit expectations for this year because of what it calls “current economic realities.”
UnitedHealth Group’s third-quarter net income jumped 23 percent to trump expectations, as preparations for retiring Baby Boomers started to pay off for the nation’s largest health insurer. UnitedHealth also raised its 2012 earnings forecast.
Target says a key revenue figure rose 2.1 percent in September as shoppers picked up back-to-school items and groceries. Analysts expected a 2.2 increase for revenue in stores open at least one year.
General Mills Inc. is benefiting from its acquisition of Yoplait International, even as it struggles to expand its yogurt business at home.
Target is reporting that net income for the second quarter was unchanged, with results dragged down by the retailer’s upcoming move into Canada. Yet customers are again spending money and the cheap chic discounter raised its earnings outlook.
Best Buy Co.’s fiscal first-quarter profit dropped 26 percent on restructuring charges as the struggling electronics retailer began implementing its turnaround plan. Its adjusted earnings and revenue both topped Wall Street’s expectations.
Target Corp. reported a 1.2 percent increase in first-quarter profit and raised its earnings forecast for the full year due to strong sales of its food and cheap chic fashions.
Kohl’s Corp. said Thursday that its first-quarter profit dropped 23 percent as it cut prices and indicated it expects earnings in the second quarter will be below analysts’ current expectations.