Some 50% of Target's online orders during the holiday quarter were filled by a store and operations chief John Mulligan told analysts that shipping from a store was much cheaper than from a dedicated fulfillment center and that it was cost efficient to retool parts of the stores, with a big ramp up during the holidays, compared to open large new centers.
But the fourth-quarter sales numbers were apparently overshadowed by Target's miss on profit.
During the period, which ended February 3, comps growth of 3.6 percent for Target Corp.'s Q4 of fiscal 2017 was driven by 3.2 percent growth in traffic during the quarter, reflecting solid increases in both stores and digital channels. It also has acquired logistics specialists Shipt and Grand Junction to speed the rollout of same-day deliveries.
Target, which hiked starting pay to $11 an hour last fall, said all workers this spring will receive a minimum of $12 per hour. Target, which was testing curbside pickup at 50 stores, said it also plans to expand to 1,000 locations nationwide.
Target Corp.'s bid to revamp the company and better compete with Amazon.com Inc. and a resurgent Walmart Inc. is taking a toll on profit. Profit came in at $1.37 a share during the period, excluding some items, a cent shy of Wall Street projections. The Minneapolis-based company plans to give more information at its annual investor presentation later on Tuesday.
Brian Cornell, chairman and CEO, said: Our fourth quarter results demonstrate the power of the significant investments we've made in our team and our business throughout 2017.
The retailer posted fourth-quarter earnings that fell short of analysts' estimates, sending the shares down as much as 4.7 percent in early trading.
Revenue rose 10 percent to $22.77 billion, edging out expectations for $22.46 billion. Increased transportation costs for all retailers could crimp margins as well, according to UBS analyst Michael Lasser.
For the twelve months period, TGT disclosed net income of $ 2.94 billion or $ 5.33 per share from the sales of $ 71.88 billion.
Digital sales climbed 29% in the fourth quarter to add 1.8 percentage points to Target's same-store sales growth, and 2017 marked the fourth consecutive year hat the company registered online sales growth in excess of 25%.
The company says it enjoyed healthy sales growth in all five of its merchandising areas, including fashion and home furnishings.
At this time previous year, Target's comparable sales were down 1.5% for the quarter, the third consistent quarterly loss for the mass merchant.
The company expects full-year earnings in the range of $5.15 to $5.45 per share.
At the moment, the third-highest paid receiver is Dez Bryant of the Dallas Cowboys, who has an annual salary of $16.5 million . Robinson recorded 80 receptions for 1,400 yards and a league-leading 14 touchdowns in 2015.
Sporadic clashes between rival political groups were reported in different parts of Tripura after the poll results were declared. Bharatiya Janata Party swept the assembly elections in Tripura for the first time in history.
Today, Toyota previewed the new Supra with the GR Supra Racing Concept that's debuting at the Geneva Motor Show . Toyota says the GR Supra Racing Concept demonstrates its commitment to bringing the Supra back to the market.
According to The Canadian Press , Toronto police have recovered a seventh set of remains linked to the alleged serial killer. Michael Pollanen, the chief forensic pathologist for the province, to explain the scope of the investigation.
The Steelers had been hopeful they would be able to reach an agreement with Bell before the March 6 franchise tag-deadline. Pittsburgh Steelers' RB Le'Veon Bell is expected to receive his second straight franchise tag from the team.
The FBI has launched an investigation into the mid-air drama, and possible charges have been referred to the prosecutor's office. Boise police are investigating the incident and told ABC affiliate KGO that the woman was held for a medical evaluation.
Russia, a key ally of Syrian President Bashar Assad, leases Hemeimeem military base in Syria , near the Mediterranean coast. The families of the deceased, all of whom were Russian servicemen, will be provided with necessary assistance and support.
Disney's " Christopher Robin " is a new live-action movie about Winnie the Pooh and his dearest human friend Christopher Robin . But after seeing Goodbye Christopher Robin recently, I'm not sure how I feel about the continued exploitation of Pooh.
Underneath the new bodywork lies Toyota's TNGA platform, which also underpins models like the Prius and the C-HR. It will slowly phase out the diesel models from its lineup over the course of this year.
With England going 2-1 up in the series, Morgan was not prepared to complain about the process for ruling on disputed catches. The indications are that they were honest with themselves after the opening game and resolved to do better which they did.
Sources said the two top bank officials would be questioned with regard to giving loan facility to the Gitanjali Group. The ED has also traced some of the money being routed back to the banks for re-issuing letter of undertaking, or LoUs.
He has said that it is incumbent on anyone who is unhappy with the draft text to bring forward legally enforceable alternatives. A Sinn Féin delegation travelled to Brussels yesterday for talks with the EU's chief Brexit negotiator Michel Barnier .
National People's Party (NPP) leader Conrad Sangma then met with Governor Ganga Prasad to stake claim to form government. NDPP secretary-general Abu Metha said the coalition is proposed to be named the People's Democratic Alliance. "Mr.
Jammu and Kashmir Liberation Front chief Yasin Malik was arrested from here on Monday during a protest march against the killings. In major parts of the Srinagar city as well as major towns and villages of the Valley, restriction have been imposed.
One man was killed and dozens of buildings and vehicles damaged during clashes in the south of the country in November. Prime Minister Ranil Wickremesinghe also ordered an investigation into alleged police inaction in handling the clash.
Jack Wilshere has issued a public apology to Arsenal fans after the 2-1 loss at Brighton on Sunday, saying they "deserve better". Wenger said he is focussing on doing his job when asked about stepping away from his post.
The AMG GT 63 sports the company's 4.0-liter V8 biturbo engine and delivers 577 hp and a top speed of 193 miles per hour . Sitting in the middle of the range, it makes use of a "hot-V" biturbo V8 engine, delivering 585hp and 590lb ft of torque.
Barnaby Joyce has revealed that he may not be the father of partner Vikki Campion's baby boy that she is expecting in April. The former deputy prime minister claims he was on a trip to Europe at around the time she conceived.
To close out 2017, Nintendo launched a sequel to the original Xenoblade Chronicles RPG series, Xenoblade Chronicles 2 . It did not, however, indicate what may be causing the games to reset, leaving players to speculate.
Even though she wasn't up for any awards, there's no question that Tiffany Haddish was the unofficial victor of the Oscars . When they're like, "I'm sorry, you're not on the list". "I gotta pay for these dresses". "That was fantastic ", she gushed.
I can tell you that David Warner is very personal and can assure you that whatever was said, Warner has said worse. Starc had match figures of nine for 109 and was particularly effective against South Africa's tailenders.
The notice also advised USA citizens in Turkey should avoid large crowds, keep a low profile and otherwise be cautious. Meanwhile, Deputy Prime Minister Bekir Bozdağ said that Turkey is the country most effectively fighting against Daesh.