Target Corp. Sees Hefty Increase in Earnings Per Share
Jun 8, 2007
 Print this page

Target Corp. (Minneapolis) announced at the end of last month that its earnings per share increased nearly 20% in the first quarter of this year over its first-quarter 2006 earnings. Net earnings for the quarter ended May 5, 2007 were $651 million, or 75 cents per share. At the close of the first quarter of 2006, net earnings were $554 million, or 63 cents per share. (All earnings-per-share figures refer to diluted earnings per share.)

Total revenues in the first quarter increased 9.2% to $14.041 billion from $12.863 billion in 2006. This jump reflects a 4.3% increase in comparable-store sales combined with contributions from new store expansion and credit-card operations.

Earnings before interest and income taxes in the first quarter of 2007 increased 18% to $1.2 billion, compared with $1.017 billion in the first quarter of 2006. The company cites improvement in both gross-margin and expense-rate performance, combined with strong profit growth in credit-card operations, as key contributors.

"We are pleased with the strength of our first-quarter results in both our core retail and credit-card operations," stated charman and CEO Bob Ulrich in a press release. "Our overall performance reinforces our confidence in our ability to continue to generate profitable market share growth for the full year 2007 and many years to come."

Back to Breaking News