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Target still driving sales, despite leadership uncertainty
MINNEAPOLIS — Target reported October sales growth that fell short of analysts' expectations, while uncertainty remains following the recent departure of the company's CFO.
Target reported that its net retail sales for the four weeks ended Oct. 29 were $4.8 billion, an increase of 4.3% from $4.6 billion for the four weeks ended Oct. 30, 2010. On this same basis, comparable-store sales increased 3.3% in October and 4.3% in the third quarter.
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Target begins search for CFO as Scovanner's tenure comes to a close
MINNEAPOLIS — The unexpected announcement that Target EVP and CFO Doug Scovanner will retire on March 31, 2012, has investors speculating about the reasons for his departure following the recent exit of other key executives.
Analysts at Bernstein Research pointed to the fact that no successor has been named, suggesting that the retirement was not a long-planned event. However, the firm said it believed that despite the unexpected news, this appeared to be a true retirement and doesn't anticipate seeing Scovanner in a CFO role at another major company.