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3 Retailers See Jump in 3rd-Quarter Earnings : Profits: Dayton Hudson climbs nearly 56%, while Home Depot gains 36% and J.C. Penney sees an increase of 24%.

November 16, 1994|From Associated Press

Three big retailers said Tuesday that they had big earnings increases in the third quarter as consumer loyalty rested with stores offering them value.

Profit jumped 24% for J.C. Penney Co., while Dayton Hudson Corp. said its earnings rose nearly 56%, due largely to sales gains at its top-performing division, Target discount stores. Home Depot Inc. said its net income rose 36%.

Penney posted profits for the quarter ended Oct. 29 of $274 million, or $1.04 per share, on sales of $5.15 billion, compared to $185 million, or 69 cents a share, on sales of $4.74 billion for the same period a year ago. The year-ago results include a $36-million extraordinary charge on debt redemption.

Penney has fared better than many other apparel retailers by satisfying customer demand for lower prices. The company said its retail stores and catalogue operations did well during the quarter.

Dayton Hudson said it earned $67 million, or 86 cents per share, in the quarter ended Oct. 29, compared to $43 million, or 54 cents per share, in the same quarter of 1993. Revenue increased 9%, to $5.05 billion from $4.63 billion last year. Same-store sales, or sales from stores open at least a year, rose 3%.

"Our third quarter was essentially as expected, with Target continuing its strong performance, Mervyn's continuing to improve off last year's low base and the department store division slightly below expectations," said Bob Ulrich, chairman and chief executive.

Home Depot Inc. said it earned $140.8 million, or 31 cents a share, in the quarter ended Oct. 30, compared to $103.4 million, or 23 cents a share, in the same period last year.

Sales totaled $3.24 billion, up 40% from $2.32 billion.

On a same-store basis, sales were up 7%.

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