Target is on its way back. Shoppers are visiting the company’s stores more often and spending more on each trip, the Minneapolis-based discount-store chain said Wednesday. The company raised its annual profit outlook and said its second-quarter net income more than tripled. The upbeat report is evidence efforts to spruce up fashions and other merchandise are paying off for CEO Brian Cornell.
Target is making more executive changes, promoting Chief Financial Officer John Mulligan to the newly created role of chief operating officer. Mulligan, who also will become executive vice president, assumes oversight of stores, supply chain and properties effective Sept. 1.
Target is reporting a 52 percent increase in its first-quarter profit on solid sales of fashion and baby items, offering evidence that its efforts to spruce up its merchandise are paying off. The retailer, based in Minneapolis, also boosted the top end of its annual profit outlook.
A national gun safety organization has set its sights on Minneapolis-based Target to stop gun-rights demonstrations in their stores. The group Moms Demand Action for Gun Sense launched a petition on Wednesday. They’re asking Target’s interim CEO John Mulligan to establish a policy to prohibit people from openly carrying guns in their stores.
Earlier this week Target’s CEO Gregg Steinhafel stepped down after the massive data breach that occurred last fall. Target named an interim CEO, John Mulligan, a Wisconsin native and University of Minnesota alumnus. Mulligan graduated from Regis High School in Eau Claire in 1983.
An executive of Target Corp. says the retailer has taken actions to shore up security following the massive breach of millions of consumers’ data during the holiday season. He urged banks, retailers and the government to work together to protect consumers.
Congress began a series of hearings Monday before a Senate banking subcommittee into the massive data breach at Target and other retailers. The Secret Service was grilled about when Target told then about the breach, and another hearing is slated for Tuesday. That’s when Target CFO John Mulligan will be in the hot seat.
Target is promoting John Mulligan to chief financial officer. The move is effective April 1.