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Target Corporation Reports First Quarter Earnings
May 16, 2003
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Target Corporation reported earnings per share for the first quarter ended May 3, 2003 of U.S. $0.38, compared with $0.38 in the first quarter ended May 4, 2002. All earnings per share figures refer to diluted earnings per share. First quarter net earnings increased 1.3 percent to $349 million, compared with $345 million in 2002.

"In light of our soft sales performance during the quarter, we are pleased with our first quarter results," said Bob Ulrich, chairman and chief executive officer of Target Corporation. "To continue to achieve profitable market share growth in this environment, we remain focused on maintaining operational and financial discipline and delivering even greater value to our guests."

Total revenues in the first quarter increased 7.6 percent to $10.322 billion from $9.594 billion in 2002, driven by a 9.8 percent revenue increase at Target Stores, principally resulting from new store expansion and the growth in our credit card operations. Comparable-store sales for the corporation in the first quarter 2003 declined 0.1 percent. (Reuters)

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