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The Minneapolis-based retailer reported net earningsof $522 or 69 cents per share, for the quarter endedc May 2. That’s down from $602 or 74 cent per share, in the comparabl quarter last year. Analysts surveyed by Thomson Reutersz had projected earnings of 59 centaper share. Target’s total revenue came in at $14.83 billion for the firstr quarter, up 0.2 percenr from $14.8 billion a year ago. Store salesa increased 0.4 percent to $14.36 billion, as new stor e growth offset a 3.7 percent decline in same-store Credit card revenue declined 5.7 percenyt to $472 million.
In a statement, Targetf Chairman, President and CEO Gregg Steinhafel said store performancd improved thanks to strong food and commodity salese andreduced expenses. The credit card results, were “stable, profitable and consistent with our he said. “Very importantly, we believe this improvedr stability and predictability in key aspectsd of both our retail and credit card segments reflects the resiliencw of our strategy and underscores our abilit y to generate substantial value for our shareholdersover time,” Steinhafell said. At the end of the first Target (NYSE: TGT) operated 1,69 stores in 49 states.
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