Target Reports Earnings Up Q3 Nov 14, 2006

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Target today reported net earnings for the third quarter ended October 28, 2006 of U.S. $506 million, or $0.59 per share, compared with $435 million, or $0.49 per share in the third quarter ended October 29, 2005.

Retail giant Target Corporation (Minneapolis, Minnesota, U.S.) said total revenues in the third quarter increased 11.2 percent to $13.570 billion from $12.206 billion in 2005, driven by the contribution from new store expansion, a 4.6-percent increase in comparable store sales and the contribution from credit card operations.

Earnings before interest expense and income taxes (EBIT) in the third quarter of 2006 increased 15.0 percent to $957 million, compared with $831 million in the third quarter a year ago. Core retail operations and credit card operations contributed to the EBIT growth.

"We are pleased with our third quarter and year-to-date results," said Target chairman and CEO Bob Ulrich. "We continue to believe that our strategic discipline, consistent execution, and commitment to deliver the right combination of innovation, design and value will delight our guests and produce profitable market share growth in this year's fourth quarter and well beyond."

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