Target cut its annual profit outlook Wednesday and said its first-quarter earnings fell 16 percent as it took another hit from a massive customer data breach and a troubled expansion in Canada.
Target has fired the president of its troubled Canadian operations, Tony Fisher, and is replacing him with a 15-year U.S. company veteran. The executive shakeup in Canada comes two weeks after the abrupt resignation of Target’s CEO and Chairman Gregg Steinhafel.
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 has apologized to customers after some took issue with how clothing meant for plus-sized shoppers was labeled.
Neiman Marcus is the latest luxury retailer saying goodbye to Minnesota, and it might have a lot to do with how much Minnesotans are able to spend these days.
Best Buy CEO Brian Dunn abruptly resigned on Tuesday after the embattled consumer electronics chain launched an internal investigation into his “personal conduct.”
Best Buy Co. said it plans to close 50 big box stores and open 100 small mobile locations in the U.S. in fiscal 2013 and cut $800 million in costs by fiscal 2015. The news came Thursday as the biggest U.S. specialty electronics retailer posted a fiscal fourth quarter loss partly due to restructuring charges, but its adjusted results topped Wall Street’s expectations.
When Richfield-based Best Buy made the news back in December, it wasn’t good. The company had to apologize to thousands of customers after the orders placed after Thanksgiving couldn’t be delivered in time for Christmas.
Two hours before Black Friday officially began, many shoppers were already waiting in lines, hoping to be the first one through the door.
Best Buy Co. Inc. is eliminating a $10 fee that covered many items disposed of through its in-store electronics recycling program.
Target Corp. says the head of its online business has left the company.
Sometimes, a fashion launch is just too enticing. Target Inc.’s entire website crashed Tuesday, the day the cheap chic retailer launched the online sale of its limited offerings of Missoni for Target.
Target said Thursday that a key revenue figure rose 1.8 percent for February, helped by sales of fresh food and by shoppers with its branded cards taking advantage of a 5 percent discount, but the results missed analyst expectations.