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Target Stores Fiscal Q2 Revenue Rises 16%

8/19/2002 02:41:00 PM Eastern

MINNEAPOLIS - Sales at the Target stores segment of Target Corp. jumped 16.2 percent in the company's second fiscal quarter, hitting $8.5 billion, up from $7.3 billion in the year-ago period. Comp-store sales climbed 4.4 percent.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for the Target stores segment in the second three months soared 31.2 percent, reaching $931 million, up from $709 million in the same period in 2001. EBITDA as a percent of revenue for Target stores climbed to 11 percent in the second quarter, ending August 3, compared with 9.7 percent in the same quarter in 2001.

Total second quarter revenue at Target Corp. increased 12.6 percent, to $10.1 billion, up from $8.9 billion the same three months in 2001. Target said gross margin increased in the second quarter, in part, due to Target stores. Net earnings for the second quarter came in at $344 million, a 26.8 percent increase over the $271 million recorded in the same three months last year.

For the six months, revenue at the Target stores segment rose 17.4 percent, to $16.5 billion, compared with $14.1 billion in the same period in 2001. Comp-store sales jumped 5.6 percent in the first half of the fiscal year.

EBITDA for the Target stores segment in the first half increased 31.1 percent, to $1.8 billion, up from $1.4 billion in the first half of last year. EBITDA as a percent of revenue for Target stores rose to 11.1 percent, compared to the year-ago 9.9 percent.

Overall six-month revenue for Target Corp. increased 13.8 percent, reaching $19.7 billion, compared with $17.3 billion in the same six months last year. Net earnings at Target rose 31.2 percent in the first half, hitting $689 million, compared with $525 million year over year.

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