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BRIEF-Target CEO on conf call- in early stages of implementing efforts to reestablish everyday price credibility
May 17, 2017 / 2:33 PM / 3 months ago

BRIEF-Target CEO on conf call- in early stages of implementing efforts to reestablish everyday price credibility

May 17 (Reuters) - Target Corp

* CEO on conf call- "our results are not where we want them to be"

* CEO - in the early stages of implementing merchandising and marketing efforts to improve value perception with guests and reestablish everyday price credibility on key items

* CEO- opened 4 new small format locations in Q1

* COO- pilot of Target Restock will begin rolling out to Twin Cities REDcard holders this quarter

* COO- for Target Restock pilot, guests will have access to more than 8,000 items

* COO- new small format stores generate more than double the per foot sales productivity of larger format stores

* COO- we are seeing double-digit comp increases on average for the 10 mature small-format stores so far this year

* COO- Victoria Beckham baskets were more than twice the size of Target's average transaction

* Exec- macro factors slightly drove some of the acceleration in March and April

* Exec- electronics benefited from healthy growth in apple watch and iphone; Q1 electronics delivered a mid-single-digit comp sales increase, the strongest in 3 yrs

* Exec- Q1 low single-digit comp declines for food & beverage

* Exec- launching new brand this month - Cloud Island, a new exclusive line of nursery decor, bedding, bath and layer products

* Exec- "we're continuing to sharpen our (grocery) price and our value messaging, at the same time, and make sure that we move to a more regional based pricing, localized pricing" Further company coverage:

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