Minneapolis based largest retailer Target Corporation reported earnings from continuing operations for the second quarter ended July 30, 2005 of $540 million, or 61 cents per share, compared with $360 million, or 39 cents per share, in the second quarter ended July 31, 2004.
Prior year results from continuing operations include a loss of $74 million, or 5 cents per share, from early retirement of debt. Second quarter 2004 earnings per share of $1.53 also included 3 cents per share from discontinued operations and $1.11 per share from the gain on disposal of discontinued operations. All earnings per share figures refer to diluted earnings per share.
"They are very pleased with second quarter results," said Bob Ulrich, Chairman and Chief Executive Officer of Target Corporation. "Company performance reflects strategic discipline, consistent execution, and ability to delight Target's guests with the right combination of innovation, design and value. As a result of their momentum and team members' continuing dedication, they believe that Target is well-positioned to enjoy profitable market share growth for the remainder of 2005."
Continuing Operations
Total revenues in the second quarter increased 13.6 percent to $11.990 billion from $10.556 billion in 2004, driven by a 6.7 percent increase in comparable store sales combined with the contribution from new store expansion and their credit card operations. (Total revenues include retail sales andnet credit revenues. Comparable-store sales are sales from stores open longer than one year).
marketing@alchempro.com
