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Earnings Roundup

Target

Profit down less than expected

August 19, 2009|Times Wire Reports

Target Corp. reported second-quarter profit that fell less than analysts had estimated.

In the quarter ended Aug. 1, net income fell to $594 million, or 79 cents a share, from $634 million, or 82 cents a share, a year earlier, Minneapolis-based Target said. Analysts polled a Bloomberg survey estimated profit of 66 cents.

Sales fell 2.6% to $15.1 billion, including revenue from Target's credit card business. Retail sales fell 2.7% to $14.6 billion in the quarter ended Aug. 1.

Target shares rose $3.11, or 7.6%, to $44.32.

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