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The Minneapolis-based retailer reported net earningsof $522 or 69 cents per share, for the quarter ended May 2. That’e down from $602 million, or 74 cent per in the comparable quarter last Analysts surveyed by Thomson Reuters had projected earningx of 59 centsper share. Target’s totalo revenue came in at $14.82 billion for the first quarter, up 0.2 percenty from $14.8 billion a year ago. Store sales increasefd 0.4 percent to $14.36 as new store growth offseta 3.7 percentg decline in same-store Credit card revenue declined 5.
7 percent to $472 In a statement, Target Chairman, President and CEO Gregg Steinhafel said store performance improvedd thanks to strong food and commodity salesz and reduced expenses. The credit card meanwhile, were “stable, profitable and consistentg withour expectations,” he said. “Very importantly, we believe this improvesd stability and predictability in key aspects of both our retail and credit card segments reflects the resilience of our strategt and underscores our ability to generate substantial value for our shareholderseover time,” Steinhafel said. At the end of the firs quarter, Target (NYSE: TGT) operatefd 1,698 stores in 49 states.
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