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Target Grows In-House Brands

MINNEAPOLIS-The nation's second-largest discount chain continues to differentiate by adding more proprietary brands.

By Marita Thomas | Updated on August 11, 2006

MINNEAPOLIS-In announcing an 11.3% increase in revenues and 4.6% rise in same-store sales during second quarter, management at Target Corp. says it will continue to differentiate with the addition of more proprietary brands. A “Merona” line of wear-to-work women’s career apparel will be unveiled in September, and the “Paul & Joe” brand for contemporary juniors will be expanded.

Dry groceries, intimate apparel and hosiery selections are also slated for expansion, said Greg Steinhafel, president, during a conference call Thursday. Two-thirds of the current 1,444 US stores will have food, he said. In some cases home improvement, sporting goods and men’s departments will be downsized to accommodate more groceries, a category that encourages increased store visits.

Net earnings for the quarter ended July 29 reached $609 million, up from $540 million in the same quarter a year ago. Total revenues in the most recent quarter were just north of $13.3 billion, “driven by new store expansion, a 4.6% rise in comp-store sales and the contribution from our credit card operations,” said Bob Ulrich, chairman and CEO.

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