US retailer Target Corp. saw its earnings increase in its fiscal first quarter, boosted by retail sales that came in above expectations.
Net earnings for the quarter ended 1 May reached US$671m compared to $522m in the prior year period.
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Sales increased 5.5% to reach $15.2bn due to a 2.8% increase in comparable-store sales and the contribution from new stores.
“We’re very pleased with our first quarter financial results, which were the result of disciplined execution by our teams in a stronger-than-expected economic environment,” said Gregg Steinhafel, chairman, president and CEO of Target Corp. said.
“Our retail segment delivered results well above our expectations, as sales of higher-margin discretionary items were particularly strong,” he added.
Going forward, the retailer said it will continue its “relentless focus” on low prices.
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