By Staff -- Home Textiles Today, 8/15/2005 12:00:00 AM
Target Has Solid Second Quarter
Target Corporation reported earnings for its second quarter rose 50 percent, to $540 million from $360 million last year.
However an apples-to-apples comparison requires some tinkering, as the company recorded a loss of $74 million last year due to the early retirement of debt. Adding back in the loss, Target would still have improved its earnings approximately 24 percent.
Total revenues in the second quarter increased 13.6 percent to $11.9 billion from $10.6 billion last year.
Sales were up 13.5 percent, to $11.7 billion from $10.3 billion last year, helped along by a 6.7 percent increase in comp-store sales.
ShopKo Sets Meeting For Vote
A special meeting of ShopKo shareholders to vote on the proposed acquisition of the company by a private equity investment firm has been scheduled for Sept 14.
Shareholders of record as of the close of business on Aug. 1 will be allowed to vote. The company will begin mailing its definitive proxy statement on Aug. 10.
The acquisition by Goldner Hawn Johnson & Morrison Incorporated remains subject to the approval of the merger agreement by ShopKo shareholders. The company anticipates the merger will close during its third fiscal quarter.
Delays Continue For Hanover
Hanover Direct has once again delayed the filing of its 2004 fiscal year-end financial statements. The company also delayed the filings of its first and second quarter results for 2005.
The direct-to-consumer retailer is still auditing financial statements dating back to 1998. Last year, the company discovered an accounting error related to discount obligations owed to members of its buyers club programs.
NRF Hires New Chair of Women in LP
The National Retail Federation has hired a new chairwoman of the NRF Women in Loss Prevention Caucus — Joan Manson, director of loss prevention for The Container Store.
Mason will serve a two-year term and succeeds Laurie Sorensen, vice president of loss prevention, safety and business continuity at Macy's Northwest, who worked to launch the group.
Manson joined The Container Store in 1997 to create its loss prevention department. In addition to her role, she is also responsible for payroll, benefits, employee relations, risk management, legal matters, trademark protection and acquiring all lines of insurance for the company.
She has also held loss prevention positions for Montgomery Ward and Neiman Marcus and currently sits on the NRF Loss Prevention Advisory Council.
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