TORONTO — Target’s Canadian stores now expect to post a Q4 loss of about 45 cents per share, almost doubling its previous guidance of a 22 to 32 cent loss. The revision comes on the heels of a difficult holiday season, which saw much of eastern Canada blanketed by a severe ice storm. Deep discounts offered to move merchandise into the hands of reluctant Canadian shoppers also took a bite out of profits, and the Target brand was damaged by a credit card data breach, even though Canadian stores operate on their own point-of-sale system and were unaffected. “Profitability for the chain [in Canada] is years away,” Rob Wilson, president of Tiburon Research Group in San Francisco, tells Report on Business in The Globe and Mail.
Target cuts Q4 expectations
Most Recent
Most Read
Hardlines Conference goes west in 2023
Thu, June 30th, 2022
Spectrum Brands sales team sees transitions
Thu, June 30th, 2022
Napoleon CFO promoted to president
Thu, June 30th, 2022
Quebec hardware stores spared inventory glut
Thu, June 30th, 2022
TIMBER MART welcomes B.C. member
Wed, June 29th, 2022
Experts forecast summer drop in lumber prices
Wed, June 29th, 2022
Inflation, housing prices squeeze renovations
Tue, June 28th, 2022
spoga+gafa attendance rebounds
Tue, June 28th, 2022
Featured Classified: Kidde Canada
Tue, June 28th, 2022
Intertape Polymer cleared to go private
Mon, June 27th, 2022