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Target unveils US $ 10 billion investment plan for next 3 years

Target Corporation, the second-largest discount store retailer in the USA, has unveiled a series of initiatives designed to reverse the retailer’s same-store sales declines, including an investment of more than US $ 10 billion. The investment includes, US $ 2 billion of capital in 2017 and more than US $ 7 billion to overhaul its stores over the next three years. The company is also planning to use about US $ 1 billion of operating […]

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Target registers 4.3% decline in Q4 sales

US-based department store retailer, Target Corp., has revealed that its total fourth quarter sales declined 4.3 per cent to US $ 20.6 billion from US $ 21.6 billion in the same quarter last year, reflecting a 1.5 per cent decline in comparable sales. In the full fiscal 2016, the company’s sales stood at US $ 69.4 billion as against US $ 73.7 billion in the corresponding period prior year. As per the company release, comparable digital […]

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US department stores register worst results since 2008 recession

As per the Morgan Stanley analysts, department stores registered the worst result since the 2008 financial recession. In the wake of the disappointing holiday season, Macy’s and Sears are collectively closing more than 200 stores, and analysts also suggest that JC Penney could shut down as many as 300 stores within the next couple years. Department stores were hit due to their primary reliance on in-store sales. Target’s same-store sales fell 3 per cent, for example, […]

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Home furnishing industry positive for 2017, but was not so happy last year

The home industry has been in focus of late and amidst the extension of garment sector benefits to made-up units, dull market sentiments and shocking news of Target Corp. terminating business relationship with Welspun India for passing off cheap cotton sheets as made from premium Egyptian Cotton, for most of the exporters, 2016 was just about satisfactory. The good thing though is that a majority of them are enthusiastic about 2017 and clear about their […]

January 20, 2017

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American retailer Target’s sales tumbles 4.9%

Target Corporation, the US-based retailer, has reported a decrease of 1.3 per cent in comparable sales during the combined November/December period. In the reporting period, the company’s total sales declined 4.9 per cent. Comparable sales at Target stores dived more than 3 per cent, partially offset by digital sales growth of more than 30 percent. Transactions were flat compared to last year, as digital transaction growth of more than 30 per cent was offset by a […]

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Target aids startup with US $3.7 million to bring transparency in supply chain

Target Corp., the second-largest discount retailer in the United States, has invested US $3.7 million in one of the start-ups, Inspectorio, a firm that focuses on helping retailers keep closer tabs on factories through inspections and data analysis by making mobile applications. “They have a lofty purpose and ambition about bringing transparency to the supply chain and sourcing world. That aligns very well to our approach and philosophy around where we want to take our sourcing […]

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Welspun India trying to recreate ties with Target

India-based, home textiles manufacturer Welspun India Ltd., recently revealed that it is trying to recreate ties with US retailer Target Corp., which severed ties with Welspun following Egyptian Cotton controversy. The manufacturer was alleged to be selling cheaper sheets disguised as premium Egyptian cotton and eventually got E&Y on board to clean its supply chain. Welspun Group Chairman, B K Goenka told an Indian daily, “We did accept our mistake and voluntarily set up audit in place. Unfortunately, the […]

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Target’s sales down 6.7% in Q3 FY ’16

Target Corporation, the second-largest discount retailer in the United States, has stated that its total third quarter sales plunged 6.7 per cent to US $ 16.4 billion from US $ 17.6 billion in the same quarter last year, reflecting a 0.2 per cent decline in comparable sales. As per the company release, comparable digital channel sales however increased by 26 per cent. Segment Earnings Before Interest Expense and Income Taxes (EBIT), which is Target’s measure […]

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Welspun decides to closely monitor its Egyptian cotton business

India-based home textile manufacturer, Welspun India recently announced that it has initiated steps to closely monitor and control its Egyptian cotton business, which had come under suspicion earlier this year over quality issues. Welspun reportedly said in a statement, “The company is moving towards producing all the Egyptian cotton products in-house i.e., from procuring cotton to the finished product.” The statement further added that the steps to be taken by the company in order to […]

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Target hires supply chain expert as SVP

Target Corporation, the US-based retailer has announced the hiring of Shekar Natarajan for the newly-created role of Senior Vice President – Network Planning and Operational Design, starting from 20th November 2016. The new SVP will oversee the design of the company’s direct-to-store and direct-to-guest supply chain network, as well as the use of new automation and other technologies to enhance speed, accuracy and efficiency. Also Read – TARGET’s Digital Head steps down Commenting on the appointment, Arthur Valdez, […]

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TARGET’s Digital Head steps down

TARGET, the leading departmental store chain, has announced the exit of Jason Goldberger, Chief Digital Officer of the company who had been serving the company from past four years. Jason’s responsibilities will be transitioned to two current leadership team members, namely Mike McNamara, Chief Information Officer and Mike Tritton, Chief Merchandising Officer. McNamara will be responsible for TARGET’s online wing and digital strategy, while Tritton will oversee the pricing and promotions operations. “Taking this body of […]

September 27, 2016

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Apparel retailer GAP reveals its supplier list

After various top-notch apparel brands and retailers like Adidas, Columbia Sportswear, Disney, H&M, KMART Australia, Levi’s, Mountain Equipment Co-op (MEC), PUMA, TARGET USA, TARGET Australia, New Balance, Nike, and Patagonia, GAP Inc. has now disclosed the list of its apparel manufacturing units around the world. This move will send a strong message to the global retailers in bringing ‘transparency’ in supplier listing. In Bangladesh, GAP works with 52 factories while in India the number is […]

September 22, 2016

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TARGET to open 9 more ‘flex-format’ stores this year

Brian Cornell, Corp. Chief Executive Officer at Target believes, “Smaller forms are the answer to cement TARGET’s foothold amidst an ever-growing competitive retail market. Opening hundreds of smaller “flex-format” stores could be a major part of the retailer’s future growth.” TARGET, second-largest discount retailer in the United States, is planning to add nine more small stores this year and at least 16 by next year with 23 smaller stores already operating in major cities like […]

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Walmart to stop selling Welspun’s Egyptian cotton sheets

Walmart Stores Inc., American multinational retailer, has reportedly disclosed that it will stop selling Egyptian cotton sheets made by Welspun India after the manufacturer was unable to assure them the products were authentic. Walmart has also reportedly issued an investigation to review Welspun’s cotton certification records, which yielded unclear outcomes. “Welspun has not been able to assure us that the products are of 100 per cent Egyptian cotton, which is unacceptable,” Walmart stated in a […]

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Cherokee Global Brands declares Q2 and H1 FY ’17 results

Cherokee Global Brands, a global brand marketing platform that manages a growing portfolio of fashion and lifestyle brands, has unveiled its financial results for the second quarter ended July 30, 2016. The company’s net revenues stood flat at US $ 8.5 million in the reporting quarter. In the reporting period, GAAP SG&A expenses were US $ 5.9 million as against US $ 5.3 million in the corresponding period last year. The company’s operating income totaled US $ 2.5 million on GAAP […]

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