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