U.S. Retailers Taghit Department Store Layoffs Surge

As part of the $2 billion cost reduction plan, the fourth largest retailer of the United States, Target Corp. (NYSE:TGT), Taghit department store, has further reduced 140 group headquarters positions this week, plus apparel retailer Gap Inc. (NYSE:GPS) cover Pu and J. Crew Group Inc.. It has laid off 175 people and 250 people. There are three large-scale layoffs in the US retail industry in a week, resulting in over 550 people out of work, and the industry is in a state of panic.

Target Corp. target In February, 730 people were laid off in Canada when they announced the end of the Canadian business, and 1700 people were laid off in two weeks after the cost reduction plan involving thousands of jobs in March. The current round of layoffs will also terminate the recruitment of 50 vacancies. Group spokesman said the group will continue to conduct a comprehensive enterprise restructuring in the headquarters area.

Benefit from Digital business The outstanding performance of the Target Corp. Taghit department store rose by 51.9% to $636 million, or $0.98 per share, in the first quarter of May 2nd. Recombination Adjusted earnings per share after spending and other items were $1.10, better than $1.02 in the market forecast and $0.92 in the same period last year. Gross profit margin was 30.4%, 90 basis points higher than the same period last year.

Sales totaled $17 billion 120 million, slightly better than the market forecast of US $17 billion 90 million, up 2.8% from 16 billion 660 million US dollars in the same period last year. Same store sales grew by 2.3%, which was in line with market expectations. Among them, the number of digital channels accounting for 1/3 increased by 37.8%.

Target Corp. (NYSE:TGT), on Thursday, closed at $83.16, an increase of 1.29% in the whole day and 0.37% in after hours. The stock has risen nearly 10% in 2015.