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Target Q2 Earnings Flat, Sales Climb

MINNEAPOLIS — Target Corp. here on Wednesday said net earnings for the fiscal second quarter were flat due to expenses associated with its forthcoming Canadian expansion, but that sales were up by 3.5%. Sales totaled $16.5 billion, sparked by new stores and a 3.1% improvement in comparable-store sales.

Read more: Target Remodels Cincinnati, Nashville Stores

The comp improvement consisted of a 2.4% increase in average ticket and a 0.7% increase in total transactions. Net earnings totaled $704 million.

Excluding costs from its Canadian expansion and the effect of tax matters, earnings per share for the quarter, which ended July 28, totaled $1.12 a share, near the high end of its previous guidance.

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