Target Posts 1Q Profit Gains

Target Corp. here yesterday said net income for the 13-week first quarter that ended May 5 was up 17.6%, to $651 million, on a 9.2% increase in revenues, to about $14 billion, compared with the year-ago period

MINNEAPOLIS - Target Corp. here yesterday said net income for the 13-week first quarter that ended May 5 was up 17.6%, to $651 million, on a 9.2% increase in revenues, to about $14 billion, compared with the year-ago period. In a conference call with analysts, the company said it is seeing some softness in consumer demand for discretionary items relative to last year, although it was positive in its outlook for the year. The company also said it was continuing to expand its assortment of private-label foods and natural/organic offerings. “We are rolling out to more than 400 stores throughout the chain an expanded assortment of authentic Hispanic food and we continue to improve our guest shopping experience at SuperTarget with our expansion of self-service delis, broader assortments of organic and natural foods and locally grown produce and greater availability of pre-packaged produce to enhance both food safety and check-out speed,” said Gregg W. Steinhafel, president, Target.

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