Financial News

MINNEAPOLIS — A 2.9% third-quarter same-store sales increase and the sale of its credit card business pushed Target’s third-quarter profit up 17.6% to 96 cents a share.

Total sales increased 3.4% to $16.6 billion in the third quarter due to the 2.9% comp increase and the benefit of a net increase of 18 stores compared to the prior year. Target ended the period with 1,781 stores and was up against a challenging prior year comparison when comps advanced 4.3%.

As more Americans join the ranks of diabetics, the opportunity to target these consumers at the shelf becomes more crucial. 


Retailers like Rite Aid are using pull-box displays that allow customers to physically handle a blood-glucose meter before they make that purchase decision. That kind of consumer engagement, evident throughout Rite Aid’s latest Wellness format store, for example, helps anchor diabetes as a front-end destination center. 


After several lackluster years, cookie sales were up in 2011 and are likely to show slight gains this year. The category was buoyed largely by sales of basic cookies, according to a recent report from Mintel, while premium cookie sales were hurt by a tight economy and increased media attention on America’s obesity epidemic. Mintel forecasts more growth for the premium segment from 2013 to 2016.


With more people working from home, the office products category continues to expand. For the past year, sales of office supplies were up 4%, according to NPD analyst Lora Morsovillo, driven by sales of writing implements, mailing and shipping supplies, and office essentials, including paper clips and 
rubber bands.


Morsovillo said the trend toward personalization is evident in the category, creating more demand for products like coordinated pens 
and folders.

CINCINNATI — Kroger on Thursday announced it will acquire the outstanding shares of Axium Pharmacy Holdings, a leading specialty pharmacy, and merge the two companies.

The partnership gives Kroger significantly enhanced capabilities to serve customers who require complex drug therapies, and to deliver those therapies at a greater value to customers and insurance payers, the grocer stated. Financial terms were not disclosed.

Sales of facial anti-aging products continued to slip — perhaps as consumers continue to watch their spending or try to navigate the inundated anti-aging market — while sales of facial moisturizers experienced an uptick, according to data from SymphonyIRI Group.


This holiday season will be both a splurge and save season for toys. Parents will splurge for one or two toys, but will round out their holiday shopping with less expensive items, according to Adrienne Appell, a spokesperson for the Toy Industry Association.


BENTONVILLE, Ark. — Walmart maintained an optimistic outlook for the holiday season despite a 1.5% third-quarter comp increase that reflected a modest deceleration in sales momentum seen earlier this year.