News : Business : Target Corp. Profit Beats Expectations

Target Corp. Profit Beats Expectations

Wednesday, 23-May-2007 09:20AM EDT
Story from AP. Copyright 2007 by The Associated Press (via ClariNet)

MINNEAPOLIS (AP) -- Discount retailer Target Corp. said Wednesday its first-quarter profit rose almost 18 percent, although revenue was just shy of analyst expectations.

The nation's second-largest discount retailer said it earned $651 million, or 75 cents per share, up from $554 million, or 63 cents per share, during the same period last year. Revenue of $14.04 billion was up 9 percent from $12.86 billion a year ago.

Analysts surveyed by Thomson Financial were expecting profits of 71 cents per share on revenue of $14.17 billion.

Sales at stores open at least a year, a key retail measure, rose 4.3 percent.

Target said its credit card contributed $143 million in pretax earnings, up $25 million, or 20.6 percent, from a year ago. It said the increase was due to an increase in interest income.

On the Net:

Target Corp.: http://www.target.com

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