MINNEAPOLIS – Target Corp. reports second quarter earnings per share up 14 percent over the same quarter last year. The discount retail giant’s $686 million (80 cents per share) rose from last year’s $609 million (70 cents per share).
Total revenues increased 9.5 percent, from $13.347 billion in Q2 2006 to $14.620 billion, in part because of a 4.9 percent increase in comparable-store sales, new store expansion and credit card operations, the company said.
Credit card operations added $163 million to the second quarter earnings before taxes, which was an increase of $41 million over last year’s second quarter.
“We are pleased with our second quarter and year-to-date results,” said Target CEO Bob Ulrich. “We continue to believe Target will deliver strong sales and profit performance in 2007 and generate another year of profitable market share growth. We also continue to believe that $3.60 remains within the range of likely outcomes for our full-year 2007 earnings per share.”
Arch rival Wal-Mart reported lower than expected earnings last week after slowed consumer spending, and consequently cut its earnings forecast. Target doesn’t seem to be having such problems.