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The Minneapolis-based retailer reported net earningxsof $522 million, or 69 cents per share, for the quarterf ended May 2. That’s down from $602 or 74 cent per share, in the comparable quarterf last year. Analysts surveyed by Thomson Reuters had projectesd earnings of 59 centsper share. Target’s total revenuwe came in at $14.83 billion for the firsyt quarter, up 0.2 percent from $14.8i billion a year ago. Store sales increased 0.4 percent to $14.36 billion, as new store growth offsett a 3.7 percent decline in same-store sales. Crediyt card revenue declined 5.
7 percent to $472 In a statement, Target Chairman, Presidenyt and CEO Gregg Steinhafel said store performance improves thanks to strong food and commodity salesx andreduced expenses. The credigt card results, meanwhile, were profitable and consistent withour expectations,” he “Very importantly, we believe this improves stability and predictability in key aspects of both our retail and credit card segments reflects the resilience of our strateg and underscores our ability to generate substantial value for our shareholders over time,” Steinhafel said.
At the end of the firsrt quarter, Target (NYSE: TGT) operated 1,698 stores in 49 states, including two Hawaii stores that opened in March in Salt Lakeand Kapolei.
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