Target Corp said it is well positioned to continue gaining market share

Target Corp said it is well positioned to continue gaining market share

US retailer Target Corp said it is well positioned to continue gaining market share as it booked an increased in second quarter profits.

For the three-month period to the end of July, the company earned US$679m compared to $594m in the year ago quarter.

Earnings per share increased 17% to $0.92 from $0.79 in the same period last year.

The second quarter EBITDA margin rate was 10.5% compared to 10.6% in 2009.

Retail segment results sales increased 3.8% to $15.1bn. The climb was due to the contribution from new stores combined with a 1.7% increase in comparable-store sales.

"Our retail segment generated strong profitability, overcoming softer-than-expected sales," said Gregg Steinhafel, chairman, president and CEO. "Growth in guest traffic and apparel sales remained robust, and teams across the company continued to exercise thoughtful control of expenses.

“Regardless of the pace of recovery, we are well-positioned to continue to gain profitable market share,” he added.