Content about Gregg Steinhafel

March 14, 2013
Target said deal with TD Bank will profitably grow credit card portfolio

Target has sold its consumer credit card portfolio to TD Bank Group for $5.7 billion, the mass merchandise retailer said.

MINNEAPOLIS — Target Corp. has sold its consumer credit card portfolio to TD Bank Group for $5.7 billion, the mass merchandise retailer said.

February 27, 2013
Target Canada rollout to be bigger than any annual U.S. rollout to date

Target is planning a rollout in Canada that will be bigger than any single year's worth of its store openings in the United States ever, executives of the company said Wednesday morning in a call with Wall Street analysts to discuss the mass merchandise retailer's fourth-quarter and full-year 2012 results.

MINNEAPOLIS — Target is planning a rollout in Canada that will be bigger than any single year's worth of its store openings in the United States ever, executives of the company said Wednesday morning in a call with Wall Street analysts to discuss the mass merchandise retailer's fourth-quarter and full-year 2012 results.

January 8, 2013
Target price matches online retailers

Target Corp. has launched a campaign to price match online retailers, the mass-merchandise retailer said.

MINNEAPOLIS — Target Corp. has launched a campaign to price match online retailers, the mass-merchandise retailer said Tuesday.

The Minneapolis-based retailer said it planned to price match online retailers like Amazon.com, Walmart.com, BestBuy.com and Toysrus.com year-round; Target stores would also price match items on the company's own website.

November 29, 2012
Target comps tumble 1% in November

The retailer saw a worse than expected drop in same-store sales.

A worse than expected 1% decline in November same store sales indicates the holiday season is off to a slow start at Target. The 1% decline was substantially worse than the low single digit increase the company forecast at the start of the month when it reported a 2.4% increase for October that was toward the low end of guidance.

The November weakness suggests traffic trends may be deteriorating at Target, as the company blamed the decline on a decrease in comparable store transactions following that metric’s flat performance in October.

October 18, 2012
Target firing on all cylinders for the holidays

Target is enticing shoppers this holiday season with new initiatives, including price match, exclusive gift offerings and shoppable advertisements.

MINNEAPOLIS — Target is enticing shoppers this holiday season with new initiatives, including price match, exclusive gift offerings and shoppable advertisements.

“Target’s holiday plans are built around an outstanding shopping experience, exclusive merchandise and competitive prices,” said Gregg Steinhafel, Target Chairman, president and CEO. “Our guests will be able to shop with confidence this holiday season knowing that we are intensely focused on providing them the right merchandise at the right price.”

August 15, 2012
CityTarget love amid modest Q2 growth

Target's second-quarter sales increased 3.5% to $16.5 billion and the company’s profits grew 2.9% to $1.06 per share, 5 cents higher than analysts expected.

MINNEAPOLIS — Target's second-quarter sales increased 3.5% to $16.5 billion and the company’s profits grew 2.9% to $1.06 per share, 5 cents higher than analysts expected.

August 8, 2012
RILA to presidential candidates: Pursue pro-retail policies

The Retail Industry Leaders Association is urging President Barack Obama and Gov. Mitt Romney to consider the retail industry's role in the U.S. economy as the presidential candidates "advance their visions for the future."

ARLINGTON, Va. — The Retail Industry Leaders Association is urging President Barack Obama and Gov. Mitt Romney to consider the retail industry's role in the U.S. economy as the presidential candidates "advance their visions for the future."

July 5, 2012
June sales softer than expected at Target

Target reported a 2.1% same-store sales increase for the month of June that was toward the low end of the company’s expectations.

MINNEAPOLIS — Target reported a 2.1% same-store sales increase for the month of June that was toward the low end of the company’s expectations.

Despite June sales that were softer than expected, Target left its second-quarter profit forecast intact as the weaker-than-expected result offset a better-than-expected performance the previous month.

April 6, 2012
Target donates $15K for Texas tornado aid

Target has committed $15,000 in cash and gift cards to assist the Texas communities impacted by recent tornadoes.

MINNEAPOLIS — Target has committed $15,000 in cash and gift cards to assist the Texas communities impacted by recent tornadoes.

Cash donations will be distributed to The Salvation Army and the American Red Cross. In addition, Target has donated gift cards to other local nonprofit organizations for such essentials as water and food.

April 2, 2012
Jeffrey Jones appointed EVP, chief marketing officer at Target

Target has brought in someone with both advertising and retail experience to oversee its marketing efforts.

MINNEAPOLIS — Target has brought in someone with both advertising and retail experience to oversee its marketing efforts. The company announced that Jeffrey Jones II has been named as the company’s EVP and chief marketing officer, effective immediately.

March 1, 2012
Seven is Target's lucky number for 2012 fiscal year

Target reported a 7% same-store sales increase in February that shattered the company’s guidance for a 4% gain, thanks to unseasonably warm weather, which boosted shopper traffic and transaction sizes.

MINNEAPOLIS — Target reported a 7% same-store sales increase in February that shattered the company’s guidance for a 4% gain, thanks to unseasonably warm weather, which boosted shopper traffic and transaction sizes.

The sales increases was well above the company’s expectations, which prompted chairman, president and CEO Gregg Steinhafel to say, “We’re very pleased with the pace of our sales since the holiday season, though we continue to plan for a first quarter comparable-store sales increase of around 4%.”

February 2, 2012
Target saves Q4 with January comps increase

Target appears to have salvaged its fourth-quarter sales results with a 4.3% same-store sales increase in January to offset a disappointing 1.6% increase in December and a 1.8% increase in November.

MINNEAPOLIS — Target appears to have salvaged its fourth-quarter sales results with a 4.3% same-store sales increase in January to offset a disappointing 1.6% increase in December and a 1.8% increase in November.

January 24, 2012
New finance leader named at Target

Target has promoted John Mulligan to the position of EVP and CFO, effective April 1. Mulligan currently serves as SVP finance. He replaces Doug Scovanner, Target’s EVP and CFO for the past 18 years, who announced his retirement in November 2011.

MINNEAPOLIS — Target has promoted John Mulligan to the position of EVP and CFO, effective April 1. Mulligan currently serves as SVP finance. He replaces Doug Scovanner, Target’s EVP and CFO for the past 18 years, who announced his retirement in November 2011.

January 5, 2012
Target fumbles during holiday playoff run

Target chairman, president and CEO Gregg Steinhafel assured investors last month that December comps would exceed November’s 1.8% increase, but then Thursday morning reported a disappointing 1.6% increase and a reduced profit forecast.

MINNEAPOLIS — Joe Namath he’s not. Target chairman, president and CEO Gregg Steinhafel assured investors last month that December comps would exceed November’s 1.8% increase, but then Thursday morning reported a disappointing 1.6% increase and a reduced profit forecast.

November 1, 2011
Target begins search for CFO as Scovanner's tenure comes to a close

The unexpected announcement that Target EVP and CFO Doug Scovanner will retire on March 31, 2012, has investors speculating about the reasons for his departure following the recent exit of other key executives.

MINNEAPOLIS — The unexpected announcement that Target EVP and CFO Doug Scovanner will retire on March 31, 2012, has investors speculating about the reasons for his departure following the recent exit of other key executives.

Analysts at Bernstein Research pointed to the fact that no successor has been named, suggesting that the retirement was not a long-planned event. However, the firm said it believed that despite the unexpected news, this appeared to be a true retirement and doesn't anticipate seeing Scovanner in a CFO role at another major company.

October 3, 2011
Overseer of Target's Canadian expansion quits

Michael Francis, Target's EVP and chief marketing officer, and the person charged with leading the retailer's expansion into Canada, has left the company, Target announced Monday.

MINNEAPOLIS — Michael Francis, Target's EVP and chief marketing officer, and the person charged with leading the retailer's expansion into Canada, has left the company, Target announced Monday.

“We would like to thank Michael for his many contributions and wish him the best in his future endeavors” said Target chairman, president and CEO Gregg Steinhafel said.

September 6, 2011
Target donates $250K to Hurricane Irene relief efforts

Target announced its commitment to assist with Hurricane Irene relief efforts through a donation totaling $250,000 in cash and products.

MINNEAPOLIS — Target announced its commitment to assist with Hurricane Irene relief efforts through a donation totaling $250,000 in cash and products.

The retailer said that the donations will be distributed among such relief agencies as the American Red Cross and the Salvation Army. What's more, Target also is giving gift cards and 10,000 relief kits — which include bottled water, soap, deodorant, toothpaste and nonperishable food items — to several local, regional and national nonprofits.

July 7, 2011
Health care, beauty contribute to Target’s June comps

The 4.5% increase in same-store sales Target reported for June was at the higher end of the company’s expectations and came on top of a prior-year increase of 1.7%.

MINNEAPOLIS — The 4.5% increase in same-store sales Target reported for June was at the higher end of the company’s expectations and came on top of a prior-year increase of 1.7%.

The gain primarily was driven by an increase in average transaction size, while growth in the overall volume of transactions appeared to be somewhat moderate.

Target chairman, president and CEO Gregg Steinhafel said he was very pleased with the company’s performance at the upper end of a guidance range that called for a low- to mid-single-digit improvement.

June 20, 2011
Target’s five-step plan for success

Target is poised to become an even more significant player in the world of health, wellness and beauty in the coming years, assuming the company can execute a range of initiatives designed to grow sales to $100 billion and double earnings per share to at least $8.



MINNEAPOLIS — Target is poised to become an even more significant player in the world of health, wellness and beauty in the coming years, assuming the company can execute a range of initiatives designed to grow sales to $100 billion and double earnings per share to at least $8.


June 8, 2011
Target finalizes location of Canada HQ

Target’s board has finalized the decision to locate the company’s Canadian headquarters in Mississauga, Ontario, said president, chairman and CEO Gregg Steinhafel at a shareholders meeting in Pittsburgh on Wednesday.

NEW YORK — Target’s board has finalized the decision to locate the company’s Canadian headquarters in Mississauga, Ontario, said president, chairman and CEO Gregg Steinhafel at a shareholders meeting in Pittsburgh on Wednesday.

June 2, 2011
Target's May comps miss forecast

Target reported a 2.8% same-store sales increase for May, falling short of Wall Street's expectation for a 3.5% increase, as consumers remained cautious with their spending.

MINNEAPOLIS — Target reported a 2.8% same-store sales increase for May, falling short of Wall Street's expectation for a 3.5% increase, as consumers remained cautious with their spending.

The retailer reported that net sales for the four-week period were $4.8 billion, an increase of 3.8% from $4.6 billion for the four weeks ended May 29, 2010.

May 24, 2011
Target donates to tornado relief in Midwest

Target announced its donation of funds and product to support tornado relief efforts.

MINNEAPOLIS — Target announced its donation of funds and product to support tornado relief efforts.

May 18, 2011
Target tops earnings view, but tempers profit outlook

First-quarter sales at Target increased 2.8% to $15.6 billion, and same-store sales increased 2%, the company reported.

MINNEAPOLIS — First-quarter sales at Target increased 2.8% to $15.6 billion, and same-store sales increased 2%, the company reported.

The modest sales growth translated into earnings per share that advance 9.8% to 99 cents, 4 cents better than analysts’ consensus estimate of 95 cents, and net income that increased 2.7% to $689 million. Share repurchase activity contributed to the earnings-per-share growth as Target spent $819 million during the first quarter to buy back 15.4 million shares at an average price of $53.32.

April 7, 2011
Target's March sales drop

Target's March sales dropped 4.5% to $5.95 billion, compared with the year-ago period.

MINNEAPOLIS — Target's March sales dropped 4.5% to $5.95 billion, compared with the year-ago period.

The retailer also disclosed that comparable-store sales for the five weeks dropped 5.5%, which was in line with expectations, as they reflected the later timing of the Easter holiday, according to the company's chairman, president and CEO, Gregg Steinhafel.

"Our stores are well-prepared for the upcoming Easter season, and we continue to expect a mid-teens increase in Target's April comparable-store sales," Steinhafel noted.

March 3, 2011
Grocery gains again fuel Target’s comp growth

February same-store sales at Target advanced 1.8%, thanks to the addition of fresh food and consumables that are part of an aggressive remodeling program causing more people to shop its stores.

MINNEAPOLIS — February same-store sales at Target advanced 1.8%, thanks to the addition of fresh food and consumables that are part of an aggressive remodeling program causing more people to shop its stores.

The company said more than half of its February same-store sales gain were driven by an increase in transactions combined with a small increase in the average transaction size. The 1.8% gain comes on top of a 2.4% increase in February 2010.