News Summary: Target 4Q net income slips 2 percent
Posted at: 02/27/2013 12:08 PM
THE NEWS: Target reported its fourth-quarter net income slipped 2 percent on costs related to launching in Canada and disappointing holiday sales. Revenue rose 7 percent to $22.73 billion. THE CONTEXT: The No. 2 discount retailer behind Wal-Mart Stores Inc. said holiday sales were weaker than expected, leading to markdowns to clear out inventory. But the company said its Canadian expansion, policy of matching competitors’ prices and new designer lines will help its business this year. WHAT’S NEXT: Target plans to open 24 stores in Canada by April and 124 by the end of the year.
By The Associated Press
(Copyright 2013 by The Associated Press. All Rights Reserved.)
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