Headlines

Target Beats the Target

Retailer reports 50 percent hike in 3Q earnings; same-store sales up 0.1 percent

Published

21 years ago

November 15, 2002

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Target Corp. (Minneapolis) reported a 50 percent jump in third-quarter earnings, beating Wall Street expectations.

The retailer, which operates Target, Mervyn's and Marshall Field's, said net income for the quarter ended Nov. 3, 2002, was 30 cents per share, compared with 20 cents per share a year ago.

Total revenues in the quarter increased 9 percent, driven by an 11.8 percent revenue increase at its Target Stores division. But overall same-store sales increased just 0.1 percent.

“For the fourth quarter, our outlook for earnings growth is modest in light of last year's strong performance.” said chairman and ceo Bob Ulrich. “Importantly, we expect to deliver strong earnings growth for 2002 overall, and we remain confident that we will continue to generate average annual earnings per share growth of 15 percent or more over time.”