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Target Stores Q1 Sales Rise 18.6%

5/21/2002 08:28:00 AM Eastern

Minneapolis - Fiscal first-quarter sales at Target Corp.'s Target stores segment soared 18.6 percent, hitting $8 billion, up from $6.8 billion in the year-ago period.

Target stores segment comp-store sales increased 6.8 percent.

Pre-tax profit at the Target stores segment jumped 35.1 percent, to $678 million, compared with $502 million in the same three months in 2001.

Overall first-quarter revenue at Target, which also operates Mervyn's and Marshall Field's, increased 15.1 percent, reaching $9.6 billion, up from $8.3 billion in the year-ago first quarter. Overall comp-store sales increased 5.2 percent.

Overall first quarter net earnings increased 35.9 percent, reaching $345 million, compared with $254 million in the first quarter of 2001.

At the end of the first quarter, May 5, Target operated 1,081 Target stores, compared with 991 at the end of the year-ago first quarter. These numbers include 75 SuperTargets in 2002 and 37 SuperTargets in 2001.

Retail space in Target units, minus warehouse and office space, climbed 12.6 percent in the first three months, hitting 129,795,000 square feet, up from 115,240,000 square feet year over year.

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