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FBN's Nicole Petallides with Target CEO, President and Chairman Gregg Steinhafel on the company's business growth and blowout last quarter.
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Well target.
Getting a boost ahead of the holiday shopping season as it delivers -- better than expected third quarter.
Have of the -- deliver the goods and what is in store for the future of this company Nicole peddle it isn't a target story me.
As part of our special series American icon target it's a Fox Business exclusive -- -- elect.
Thanks Sheryl why I'm so pleased to have Greg Stein -- this chairman.
CEO and president let's take a walk and talk about.
What a great quarter you had brightened when we talk about the what are you -- we talk about.
Blowout numbers and revenue and sales and earnings -- and.
Well first while I'm very proud of the target team they delivered a great quarter or same store sales were four point 3%.
RE PS was up 28% on an adjusted basis right here every area -- earlier so we really had a we really had a knock it out knocked out of the park corner.
I want to talk about what you think that you also -- and in addition to having everything anybody could ever need.
Is the red card which basically you're like a financial company you have this debit and credit card.
Which has been an area that work in a tough economy and how is it being almost a financial company same time.
Well we offer great value day in day out our prices are very competitive and when you and our price match policy.
And our 5% red card rewards which gives you any additional 5% off where the price leader in the market.
So the red card helps you because you're giving customers 5% off.
Whatever they're buying some I want these hot Christmas items absolutely.
But we're gonna get the same time you're you're basically running a credit card and debit card.
I want to talk about also the stock the stock itself.
It's been under performer I cover the stock market every day.
It's it's under performer year to date but you think that with a great quarter and a positive outlook that the stock -- And it -- -- the stock is up today but we don't and it's the stock price what we're focused on his writings great long term performance and we know that if we perform the market pro market place.
Over time the share price will respond accordingly.
OK and talking about long term view this is over 32 years for you for Black Friday -- years.
And we talk about a lot of folks we've had that we get somebody on earlier today I'm Tina -- she was 25 years.
Let's talk about you've had three departures basically looming but this -- the same time all we talk about the fact that you've had people have been here for decades.
Why do you -- one as the president the dot com which has been.
Problematic the CFO is retiring and also marketing officer that went over to JC Penney had a is that okay for you are not necessarily.
Well we're -- to lose three executives all in a very short period of time but is their problem I'm not there's not a problem target has a very deep and talented bench.
And over the next couple months we will fill all of those jobs are at.
Let's talk about the web -- because we're talking about filling the jobs and this is not Silicon Valley in your website.
Is keen for the holidays right 16% of your sales last year.
Came from December and Black Friday is approaching what are you doing to fill that position.
And he is it can be -- think.
-- Muslim community.
To be honest that I love being here I'm very excited to be here.
Well we're very excited about the holiday season and we try to deliver a great in store experience and a great online experience and as you point out we've had a couple snafus with our dot com but we have a team working.
Seven by 24 trying to get everything corrected but we're gonna be working and we're gonna be ready to go for holiday.
-- it's gonna work is it gonna work for Black Friday is gonna work for a December.
We've got teams working around the clock to make sure that they're doing everything they -- cannot give you can -- -- you 80% sure it's gonna work.
I can tell you that the target team is committed to delivering a great guest experience -- line.
And we're working around the clock RH -- what are you hearing itself shows that you care you've been here for decades you know that that's really key -- -- Black Friday.
Right you've -- your hiring.
-- over 90000 seasonal employees are going to be hiring more how many more.
What we're gonna hire up a little bit so to be somewhere between ninety -- -- 100000 team members for the holiday season.
And the good news of that is about a third of those jobs will remain and become full time jobs post holiday which is it because fourteen million Americans are unemployed so -- -- Kiev thing about unions -- the US China coming here.
-- how are you handling that issue well.
-- if you know we don't believe a third party representation target because we have a great team culture we're failing we work together collaborative -- We -- competitive wages and benefits and we have a direct and open relationship whether teams so we just don't feel it's necessary.
Okay and -- your expansion plans are going into Canada.
We are we're very excited about that as part of our strategic growth platform -- 2017 roadmap.
-- one of those initiatives that we're very excited about it numbers on how many are opening -- what we're gonna open between 125 and 135 stores next year.
And it build out it'll be over 200 stores how about a broad.
Radar next what we're not focused on abroad -- We have about 4% market share here in the United States and when you include Canada it still is about 4% so there's 96% share left in America and that's what our priority in our focus will be.
Gregson Koppel thank you so much to get upset when people can't charge -- that took that path we take that as a couple that's a -- and right when you make -- a little fragile little more fancy because you're you're I have more upscale.
Clients as well suspect you guys -- -- you know oh by the way I understand that to this quote that is from target yeah.
And you got an offer less than a hundred dollars cellular into -- and thanks may include targets they have you know he's happy that you gave us an exclusive here on the fox does him congratulations -- great quarter for target thank you back he's -- love to hear about the holiday jobs and hiring it they're gonna be some full -- positions Nicole loved to hear that thank you great interview thanks to both of.
