Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Target Corp takes new aim with grocery sector veteran Burt

Monday, March 20, 2017 12:41
% of readers think this story is Fact. Add your two cents.

Beleaguered Target Corp (NYSE:TGT), the US discount retailer, has hired grocer Kroger veteran Jeff Burt as senior vice president of grocery, fresh food and beverage in the latest bid to breathe life into a  flagging food business.

The role will start on April 10.

Burt, who was at Kroger for 30 years,  replaces Anne Dament, who left last November after only 18 months.

Chief executive Brian Cornell is trying to reinvent Target. Last month  it reported a surprise drop in full-year 2016 sales and forecast a further fall in fiscal 2017.

The Minneapolis-based retailer said it expected sales at stores open for at least a year to decline in the low-single digit percentage range in 2017, after reporting a fall of 0.5% in 2016.

Consensus estimates were expecting the company’s same-store sales to increase 0.4% this year.

Net income dropped to US$817mln, or US$1.45 per share in the three months to January 28, down from US$1.43bn, or US$2.32 per share a year earlier.

Same-store sales in the quarter fell 1.5%, missing analysts forecasts of a 1.3% decline.

The retailer also reported a decline in gross margins to 26.9% from 27.9%.

Story by ProactiveInvestors


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question Razz Sad Evil Exclaim Smile Redface Biggrin Surprised Eek Confused Cool LOL Mad Twisted Rolleyes Wink Idea Arrow Neutral Cry Mr. Green

Top Stories
Recent Stories



Top Global


Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.