DSNTV: New General Market consumer insights Part 3 — reaching millennial consumers
BY DSN STAFF
In the next several years, millennials will represent 30% of dollars coming into consumer package good companies. As a result, its up to brand marketers to figure out how to reach millennial consumers —the most technologically savvy group of consumers.
“Having an interactive strategy to give feedback to consumer inquiries is not optional,” Fleet Labs’ Bruce Montgomery said. “This consumer is all about technologies and you have to be where they are at all times — whether that’s where they physically are or how they’re interacting with the marketplace. And you also have to be where their wallets and hearts are.”
In the third part of a series of insights from the New General Market Leadership platform, co-produced by Drug Store News and Mack Elevation Forum, executives from leading supplier and retail companies discuss how they’re working to grow their reach to this increasingly critical group.
Cuomo vetoes giving doctors final say on Medicaid prescriptions
BY DSN STAFF
NEW YORK — New York Gov. Andrew Cuomo has vetoed a bill that would grant doctors the final say on which prescription drugs to prescribe for their patients in Medicaid's managed care programs, the Associated Press reports.
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Target’s Q2 sees growth in comps, digital sales
MINNEAPOLIS — Target is meeting its goals and achieving steady growth, according to the Q2 results the company reported Tuesday. Target reported net sales of $17.4 billion, up 2.8% over the same period last year.
The company also announced that its comparable sales growth of 2.4% was in line with its expectation, and that comps in its style, baby, kids and wellness sections grew this quarter at rates three times higher than the company’s average. As a result, Target saw a growth in comps of 4%-5% in home and apparel.
“We’re very pleased with our second quarter financial results, as traffic growth, strong sales in our signature categories and continued expense discipline drove better-than-expected profitability,” Target chairman and CEO Brian Cornell.. “While the momentum in our financial results is encouraging, we have much more to accomplish.”
Cornell took the reins at Target in August 2014, and since then he has sold the company’s struggling pharmacy business to CVS Health, reshuffled several c-suite positions and ended Target’s Canadian operations — and Cornell’s efforts seem to be paying off. Q2 saw an increase in digital sales of 30%, which played a factor in the comps growth this quarter. And though the erstwhile Target Canada saw after-tax losses of $20 million, that number is significantly smaller than the $157 million it faced in losses or the same period last year.
The focus now for the retailer is continuing its efforts as the holidays approach.
“Looking ahead, we are focused on making further progress against our strategic priorities and are committed to improving operations as we move through the important back-to-school, back-to-college and holiday seasons,” Cornell said.
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