Target Reports 1Q Earnings

DDI WEB

Target Reports 1Q Earnings
May 30, 2008

Minneapolis-based Target Corp. reported net earnings of $602 million for the first quarter ending May 3, 2008, compared with $651 million for the same time period last year. Sales rose 5 percent to $14.3 billion, versus $13.6 billion; while comparable-store sales decreased 0.7 percent. "Our first quarter earnings per share met our expectations despite softer-than-expected sales performance," said Gregg Steinhafel, president and CEO of Target. In addition, the company announced plans to sell 47 percent of its credit card receivables to New York-based JPMorgan Chase for $3.6 billion. Target operates 1,613 stores in 47 states.

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