Australian Department Store Target Announces Bankruptcy

Target, a department store under the "P" a href= "http://www.91se91.com/news/index_p.asp" > Australia "/a", was declared unexpectedly bankrupt at a meeting yesterday.

As a brother of Coles, a retail giant in Australia, Target declared bankruptcy to shock the retailing industry in the Kmart.

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< p > from Australian reports, yesterday, Australia's west agriculture group held a meeting in Perth. Mei Qin, general manager of Australian Department Store Target (Stuart Machin), accidentally announced that her company was bankrupt and had not received good returns for at least 2 years.

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Less than P, the group has updated its annual performance and updated its Target, Coles and Kmart performance.

However, at an analyst briefing later, Ellington, an analyst at Merrill Lynch, said he had been pessimistic about the future of "a href=" http://www.91se91.com/news/index_c.asp "Target" /a department store and saw the company bankrupt after seeing the latest performance.

This statement was later recognized by the general manager of mechin.

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"P", "we looked back in May, although I took over 6 weeks, and the problem we faced was spring and summer commodity clearance. I put forward from the sales documents of autumn and winter, we may encounter problems encountered in the first quarter of this year, and then it is."

Mei Qin said.

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< p >, he said, believing that 2014 will be a year of intense volatility, and that income will not return to 2011 until 2015 or even 2016.

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< p > Target announced that in fiscal year 2013, pre tax profit (EBIT) fell 44.3% to 136 million yuan, sales revenue shrank by 2.1% to 3 billion 650 million yuan, and same store sales fell 3.3%.

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< p > < a href= "http://www.91se91.com/pioneer/ > > mechin" /a "also said that the bad conditions that resulted in the decrease of the income in 2013 also spread into the new financial year.

Target has become a problem child of the West agricultural group, which has seriously dragged the group's rapid growth of Coles, Kmart, Bunnings and Officeworks company.

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< p > in May this year, the Xi agricultural group warned investors that Target's annual profit before tax is expected to be reduced to between 140 million and 160 million yuan.

Because Target department store recorded a profit of 148 million yuan in the first half of the year, the Xi agricultural group estimated that Target Department lost 8 million yuan or the most profitable 12 million yuan in the second half of the year, and finally confirmed the actual loss 12 million yuan yesterday.

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Less than P, the Target Department announced in June that it had cut 260 people from its 1000 employees in the Geelong department.

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