comscore Target announces lower prices; shares fall | Honolulu Star-Advertiser
Briefs | Business

Target announces lower prices; shares fall

  • ASSOCIATED PRESS

    Target is discounting thousands of products throughout its stores.

NEW YORK >> Target says it is discounting thousands of products throughout its stores, sending its stock down and dragging most of the retail sector with it.

Retailers in general have struggled to compete with Amazon.com and the countless shopping options available online.

However, Target did report last quarter that its online sales jumped 32 percent and its revenue beat Wall Street expectations. The retailer is spending billions to remodel stores and strengthen its online business.

Shares in Target Corp. closed down 2 percent Friday. Shares in Sears fell more than 3 percent, while Walmart, Dollar General and Costco all fell more than 1 percent after Target’s announcement.

Consumer borrowing increased in July

WASHINGTON >> American consumers borrowed more heavily in July, increasing their debt primarily in a category that includes auto and student loans.

The Federal Reserve said Friday that overall consumer credit rose $18.5 billion in July, up from the $11.9 billion increase in June.

Economists and financial markets watch the credit report closely for clues about the direction of consumer spending.

Nonrevolving credit, which includes auto and student loans, increased $15.8 billion.

The July increase brought consumer credit to a total of $3.75 trillion.

ON THE MOVE

>> The East-West Center has announced that Peggy Petrovich has joined it as a diplomat-in-residence. She will be at the East-West Center until 2018. Petrovich previously served as deputy chief of consular services at the U.S. Consulate General in Frankfurt, Germany.

>> Finance Factors has announced that Josh Grant is the company’s new Customer Care Center loan officer. Grant previously worked in the financial industry, including assisting customers with business and mortgage transactions at First Hawaiian Bank and Honolulu Home Loans.

>> Kuakini Medical Center has announced Sharry Kim is the new manager of KMC’s Financial Accounting Department. Kim has 16 years of auditing, tax and financial accounting experience and was previously a manager for Capital Projects and Fixed Assets at The Queen’s Medical Center.


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