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Target Corporation (TGT)

  • Aug. 13, 2014, 1:58 AM
    • Target (NYSE:TGT) is planning to fix its disastrous Canadian expansion through a three-pronged turnaround plan which will focus on supply chain management, pricing, and merchandise selection.
    • After opening 124 stores and three distribution centers in Canada last year, the discount retailer's expansion over such a short time frame led to a nearly $1B loss.
    • The supply chain "reset" comes as new CEO Brian Cornell takes the reins at the company.
    • Target cut its second-quarter profit estimate last week and said Canadian sales were softer than expected. The company is scheduled to report results on Aug. 20.
    | Aug. 13, 2014, 1:58 AM | Comment!
  • Aug. 5, 2014, 1:51 PM
    • Target's (TGT -3.9%) earnings warning is more about ongoing sales and margin pressure than the costs tied to the data breach, according to retail research exec Jan Kniffen.
    • He says the chain has become "just another discounter" which is bound to lose to Wal-Mart on pricing.
    • The "trainwreck" performance in Canada is also a drag on Target's results, contends Kniffen.
    | Aug. 5, 2014, 1:51 PM | 2 Comments
  • Aug. 5, 2014, 9:28 AM
    • Target (NYSE:TGT) cuts its estimate for Q2 EPS to $0.78 vs. prior guidance of $0.85-$1.00 and $0.91 consensus.
    • Data-breach costs of $148M will be partially offset by $38M in insurance payments covering the incident.
    • The retailer reports full results on August 20.
    • TGT -4.2% premarket
    | Aug. 5, 2014, 9:28 AM | 1 Comment
  • Jul. 31, 2014, 9:46 AM
    • New Target (TGT -2.3%) CEO Brian Cornell will receive $19.3M in equity grants and a $1.35B bonus to make up for what the exec would have received at PepsiCo.
    • Cornell's base salary will be $1.3M
    • Retail analysts are mixed on whether or not Target did a solid job with the hiring. Cornell has some retail chops from his stints at Wal-Mart and Safeway, but might lack the digital background to create Target 2.0, warns Hedgeye.
    • SEC Form 8-K
    | Jul. 31, 2014, 9:46 AM | 9 Comments
  • Jul. 31, 2014, 3:35 AM
    • Target (NYSE:TGT) is hiring PepsiCo executive Brian Cornell as its new CEO and will appoint him to the position on Aug.12.
    • For the last several months Target CFO John Mulligan was placed as the company's interim chief exec, following the resignation of CEO Gregg Steinhafel in May.
    • The incoming CEO is faced with pressing tasks of fixing Target's disastrous Canadian expansion and restoring retail profit and customer confidence.
    | Jul. 31, 2014, 3:35 AM | 5 Comments
  • Jul. 18, 2014, 5:53 PM
    • A U.S. district judge declines to dismiss antitrust lawsuits filed against Visa (NYSE:V) and MasterCard (NYSE:MC) by retailers who opted out of a ~$5.7B class action settlement in 2012 over transaction fees.
    • The same judge in December approved the card companies’ settlement with a nationwide class of merchants in a lawsuit alleging antitrust claims over the fees, but several merchants including Target (NYSE:TGT) and Macy’s (NYSE:M) pursued cases after dropping out of the settlement.
    • V and MC argued the lawsuits should be barred by legal releases in an earlier settlement in 2003 and because the merchants don’t directly pay fees to banks that issue V and MC branded cards.
    | Jul. 18, 2014, 5:53 PM | 4 Comments
  • Jun. 24, 2014, 12:07 PM
    • Channel checks from Deutsche Bank indicate the promotional cadence in the retail sector has been dialed back a notch from the level seen in Q1.
    • The investment firm sees less promotional activity from retail beasts Wal-Mart (WMT +0.3%) and Target (TGT +0.2%) - while department store chains such as Kohl's (KSS +0.7%), Nordstrom (JWN +0.6%), and Dillard's (DDS -0.1%) have also shown some improvement.
    • J.C. Pennney (JCP +1%) is a tougher nut to crack for DB with its radical changes in pricing strategy making the year-over-year comparison less informative.
    | Jun. 24, 2014, 12:07 PM | Comment!
  • Jun. 17, 2014, 1:08 PM
    • Target (TGT +1.5%) plans to sell five-year and 10-year notes in order to fund a tender offer for $1B in other higher-rate notes, reports Bloomberg.
    • The company sees retiring a total of $3.8B face value of notes with coupons ranging from 6.35% to 7%.
    | Jun. 17, 2014, 1:08 PM | 1 Comment
  • Jun. 16, 2014, 8:29 AM
    • Shares of Target (TGT) are on watch after weekend reports of problems with checkout terminals crop up.
    • Long slow-moving lines due to checkout glitches were reported at various Target stores.
    • The company has indicated the issue isn't related to a data security matter.
    • TGT -0.4% premarket
    | Jun. 16, 2014, 8:29 AM | 2 Comments
  • Jun. 13, 2014, 10:19 AM
    • Target's (TGT -0.1%) annual shareholder meeting came and went this week without any major drama.
    • All 10 members of the board of directors were re-elected despite the recommendation of proxy firms of an upheaval.
    • The company spent a bulk of the meeting hyping its new management team.
    • On the rumor mill, Sam's Club CEO Rosalind Brewer has been placed on the short list of candidates to take over the CEO position at Target.
    | Jun. 13, 2014, 10:19 AM | 3 Comments
  • Jun. 11, 2014, 2:10 PM
    • Target Corporation (TGT) declares $0.52/share quarterly dividend, 20.9% increase from prior dividend of $0.43.
    • Forward yield 3.66%
    • Payable Sept. 10; for shareholders of record Aug. 20; ex-div Aug. 18.
    | Jun. 11, 2014, 2:10 PM | 24 Comments
  • Jun. 10, 2014, 1:38 PM
    • Target (TGT -1.2%) is bringing in a heavy hitter to man its information security with the hiring of Brad Maiorino.
    • The exec has worked high-level technology risk positions at both GM and GE.
    • What to watch: Target has promised to accelerate the transition to chip technology in its credit and debit cards. The transition will be need to be smooth with the company under heavy scrutiny following its data breach.
    | Jun. 10, 2014, 1:38 PM | 2 Comments
  • Jun. 10, 2014, 7:23 AM
    • Target (TGT) CEO John Mulligan has moved the entire leadership team of the retailer to the 26th floor of its headquarters in an effort to become more efficient.
    • Mulligan has also instituted other measure to speed up the decision-making process and reduce bureaucracy.
    • The company holds its annual meeting of shareholders today in Dallas.
    | Jun. 10, 2014, 7:23 AM | 7 Comments
  • Jun. 3, 2014, 11:06 AM
    • Hudson's Bay reports a FQ1 profit after doubling retail sales during the period.
    • Same-store sales rose 2.5%, including a 2.6% jump in comps at newly-acquire Saks.
    • The company also saw its gross margin rate improve by 30 bps to 40.6% on strong demand in key categories.
    • The strong quarter by Hudson's contrasts with the struggles of Sears Canada (SHLD) and Target (TGT) to generate profits up north.
    | Jun. 3, 2014, 11:06 AM | Comment!
  • May 28, 2014, 2:17 PM
    • Proxy firm ISS recommends Target (TGT -0.7%) separate its chairman and CEO role.
    • The firm would also like for Target shareholders to vote out 7 of the 10 current board members due to their failure to assess the risk structure in place at the company prior to the massive data breach late last year.
    • Target shareholders meet in Minneapolis on June 11.
    | May 28, 2014, 2:17 PM | 4 Comments
  • May 28, 2014, 12:16 PM
    • Target (TGT -0.6%) plans to drive home with consumers its affordable level of pricing after losing momentum while the focus strayed to fashion and food initiatives.
    • This holiday season, Target advertised prices on TV ads for the first time in a decade.
    • Analysts expect marketing to steer toward a value-oriented message.
    | May 28, 2014, 12:16 PM | 1 Comment
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Company Description
Target Corp is engaged in operating general merchandise discount stores in the United States.