Report: Target puts Canadian sales at $6 billion by 2017
NEW YORK -- Target expects sales from its upcoming Canadian stores to total more than $6 billion by 2017, the company’s CFO said Tuesday, Dow Jones reported.
Speaking to Wall Street analysts, CFO Douglas Scovanner said Target expects to have more than 200 stores in Canada within the next five to 10 years, with the stores generating about $6 billion Canadian ($6.27 billion in U.S. dollars based on Tuesday’s exchange rate).
Target’s initial group of stores will open through the chain’s purchase in January of up to 220 leases held by Hudson's Bay Co.'s Zellers stores.
Scovanner also said the chain expects to double net income over six years with help from its branded 5% RED rewards credit card, and the addition of the Canadian stores. The card gives shoppers a 5% discount on every store purchase.