Target's net earnings rose 3.7% to $704 million for the quarter, compared with $679 million in the same period a year ago, while sales rose 5.1% to $15.9 billion, including a 3.9% increase in same-store sales. "We're very pleased with our second quarter financial results, which benefited from an acceleration in the pace of our comparable-store sales growth," says Gregg Steinhafel, chairman, president, and CEO, in its release. Staples says its sales rose 5.2% to $5.8 billion in the second quarter, while net income rose 36% to $176 million. "Our core business is solid, our growth initiatives are building momentum, and we delivered better than expected earnings and cash flows," says Ron Sargent, Staples' chairman/CEO.
And BJ's Wholesale Club also turned in numbers that beat expectations, with net income rising to $45.7 million, from $42.5 million in the same period last year. Sales gained by 11% to $2.98 billion, with comparable club sales rising 7.8%, including a contribution from sales of gasoline of 4%. (Excluding the impact of rising gas prices, comparable club sales increased by 3.8%.)