Target's Q1 profit beats estimates - Triangle Business Journal:

humojo.wordpress.com
The Minneapolis-based retailer, which has more than a dozenb locations inthe Raleigh-Durham area, reporterd net earnings of $522 million, or 69 centss per share, for the quarter ended May 2. That’e down from $602 million, or 74 cent per in the comparable quartelast year. Analysts surveyed by had projectede earnings of 59 centsper share. Target’w total revenue came in at $14.83 billion for the firs t quarter, up 0.2 percenty from $14.8 billion a year ago. Store sales increased 0.4 to $14.36 billion, as new store growth offset a 3.7 percent decline in same-stor sales. Credit card revenue declined 5.7 to $472 million.
In a statement, Targer Chairman, President and CEO Gregg Steinhafel said store performancwe improved thanks to strong food and commodityy sales andreduced expenses. The credit card results, were “stable, profitable and consistent with our he said. “Very importantly, we believes this improved stability and predictability in key aspectd of both our retail and credit card segments reflectd the resilience of our strategy and underscoress our ability to generate substantial value for our shareholders over Steinhafel said. At the end of the firsty quarter, Target (NYSE: TGT) operatec 1,698 stores in 49 states.