A Canadian Target store under construction. (Image via Kimco Realty/flickr)
© 2024 Blaze Media LLC. All rights reserved.
"...we were unable to find a realistic scenario that would get Target Canada to profitability..."
The Great White North hasn't been kind to Target.
In fact, the retail giant is estimating it will lose billions on its failed Canadian venture.
A Canadian Target store under construction. (Image via Kimco Realty/flickr)
In its fourth-quarter earnings results released Wednesday, Target announced it would see a pre-tax loss of more than $5.1 billion as a result of its exit from Canada.
The retailer announced its retreat from Canada last month after realizing the operation was more than half a decade away from profitability, with CEO Brian Cornell saying, "After a thorough review of our Canadian performance and careful consideration of the implications of all options, we were unable to find a realistic scenario that would get Target Canada to profitability until at least 2021."
Target opened its first Canadian location in 2013.
(H/T: Business Insider)
—
Follow Zach Noble (@thezachnoble) on Twitter
Want to leave a tip?
We answer to you. Help keep our content free of advertisers and big tech censorship by leaving a tip today.
Want to join the conversation?
Already a subscriber?
more stories
Sign up for the Blaze newsletter
By signing up, you agree to our Privacy Policy and Terms of Use, and agree to receive content that may sometimes include advertisements. You may opt out at any time.
© 2024 Blaze Media LLC. All rights reserved.
Get the stories that matter most delivered directly to your inbox.
By signing up, you agree to our Privacy Policy and Terms of Use, and agree to receive content that may sometimes include advertisements. You may opt out at any time.