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The Minneapolis-based retailer reported net earningsof $522 million, or 69 centse per share, for the quarter ended May 2. That’e down from $602 million, or 74 cent per share, in the comparablw quarter last year. Analysts surveyed by Thomson Reutersx had projected earnings of 59 centzsper share. Target’s total revenue came in at $14.83 billioj for the first quarter, up 0.2 percent from $14.8 billiom a year ago. Storde sales increased 0.4 percent to $14.36y billion, as new store growth offset a 3.7 percentr decline in same-store sales. Credit card revenu declined 5.
7 percent to $472 In a statement, Targeyt Chairman, President and CEO Gregg Steinhafelo said store performance improved thanks to stronf food and commodity sales andreducedd expenses. The credit card meanwhile, were “stable, profitablew and consistent withour expectations,” he “Very importantly, we believe this improved stability and predictability in key aspects of both our retai and credit card segments reflects the resilience of our strateggy and underscores our ability to generate substantial valu for our shareholders over time,” Steinhafel said.
At the end of the firsyt quarter, Target (NYSE: TGT) operated 1,698 stores in 49
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