Target Profits Up On Credit-Card Performance
May 18, 2011, 2:33 PM
Target says its net earnings rose 2.7% in the first quarter to $689 million, up from $671 million in the same period last year. And sales rose 2.8% to $15.6 billion, from $15.2 billion in the same period in 2010, with comparable-store sales increasing just 2%. "Our first quarter financial performance was the result of stronger-than-expected profitability in our credit card segment," Gregg Steinhafel, chairman/CEO of the Minneapolis-based retailer, says in the company's release, "which offset the impact of weaker-than-anticipated sales in our retail segment."