Target Net Edges Up 1.2 Percent in First Quarter
May 16, 2012,
MINNEAPOLIS-With a sales gain of 6.1 percent, Target was able to pump its first-quarter net income by 1.2 percent to $697 million.
Net sales reached $16.5 billion, including a same-store sales gain of 5.3 percent. Sales in the quarter, which ended on April 28, were better than Target expected, said Gregg Steinhafel, chairman, president and CEO.
Steinhafel said the outlook for the remainder of this year includes "continued economic uncertainty," but that Target remains focused on its strategy of delivering affordable merchandise and on "making thoughtful investments" in its U.S. and Canadian businesses.