Sales Gain Drives Target to 3.7 Percent Net Income Increase in Q2
August 17, 2011,
MINNEAPOLIS-Increased sales both on a same-store basis and from new stores pushed Target's second-quarter net income up 3.7 percent, to $704 million.
Net sales totaled $15.9 billion, up 5.1 percent from last year's second quarter and including a 3.9 percent pickup in same-store sales. Gregg Steinhafel, Target's chairman, president and CEO, cited the acceleration in same-store sales (which edged up 1.7 percent in last year's second quarter) as crucial to the company's results in this year's second quarter, which ended on July 30.
"We continue to focus on strong execution of our strategy, preparing Target to perform well in a variety of economic environments," Steinhafel said.