Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MINNEAPOLIS-During the first quarter, Target opened 15 new discount stores and13 SuperTargets, which also sell groceries. The company expects to open 17 SuperTargets in the next six months and have 150 by the end of 2004—and 400 SuperTarget stores by 2010.

That’s according to Gregg Steinhafel, Target Stores division president, who spoke of the discounter’s expansion plans earlier this week on a conference call with analysts andinvestors. Target has 1,409 stores in 47 states, including 1,081 Target stores.

The Minneapolis-based retailer said earlier this week that its net income climbed 36% to $345 million, or $0.38 a share–beating consensus expectations by $0.02 and the same quarter a year ago by a dime. Revenue for the period ended May 4, including credit-card fees, increased 15% to $9.59 billion.

But analysts were encouraged with the performance of SuperTargets, which include a grocery store component, and which are seen as a critical driver for the company’s future, says Lauri Brunner, a securities analyst at RBC Capital Markets. Target officials say last year’s new SuperTargets were better than the first year performance of SuperTargets opened in previous years–exactly “what we wanted to hear,” Brunner said.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.