Target Corp has announced that it recorded weaker-than-anticipated retail sales for the first quarter of 2011, with sales up 2.8 per cent to US$15.6bn, driven by a 2 per cent increase in comparable store sales and new-store contributions.
President and CEO Gregg Steinhafel noted that the fall in sales was offset by a strong performance in its credit card sector, leading to overall net earnings of US$689m through the opening quarter of the year, an increase of 2.7 per cent, Just-Food reported.
Earnings before interest and taxation (EBIT) fell 4.2 per cent to US$1.1bn, while EBIT margin dropped to 6.8 per cent from 7.3 per cent last year.
No comments yet