Thursday, February 25, 2016

Target food sales growing faster than overall company sales

Target reported this week that comparable food sales grew faster in the fourth quarter than overall company sales. The company views this growth as validation of the changes it continues to make in food assortment, freshness and presentation.

Target also said that it expects the replacement of its own pharmacies with the CVS brand should help grow traffic in the pharmacies at a faster rate than the company would have been able to do on its own. Chairman and CEO Brian Cornell added that the deal with CVS has already provided over $1 billion in net cash that Target is using to support its capital deployment priorities.

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