US: Target sales drive Q2 profits
US retailer Target Corp. today (17 August) posted an increase in second-quarter net income due to an acceleration in the pace of same-store sales growth.
For the quarter ended 30 July, net earnings were up 3.7% to US$704m as sales increased 5.1% to $15.9bn. Same-store sales rose 3.9% over the period.
EBIT rose 4.6% on the same quarter of the previous year to $1.1bn, while EBIT margin remained flat on the same period of the previous year at 7.2%.
Target chairman, president and CEO Gregg Steinhafel said: "We're very pleased with our second-quarter financial results, which benefited from an acceleration in the pace of our comparable-store sales growth. We continue to focus on strong execution of our strategy, preparing Target to perform well in a variety of economic environments."
Shares in the company were up 4.66% at 10:27 ET today to $51.67 a share.
Wal-Mart Stores has outlined its expansion plans in Canada for the next 12 months....
US retailer Target Corp. has promoted John Mulligan to the position of CFO....
- Danone's global push for Danonino – interview
- How Hormel Foods can benefit from Justin's
- Colian hungry for international growth - interview
- The balancing act at Amy's Kitchen - interview
- Why trust is key in US natural food sector
- Nestle sets new savings target
- US food labels to include "added sugars" info
- ConAgra focusing on core with Spicetec sale
- Premier takes control of powders JV Knighton
- Kraft Heinz to expand US plant