By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Target reported net earnings for the first quarter, ended April 29, of $554 million, compared with $494 million year-over-year, with total revenues up 12.1 percent to $12.9 billion and same-store sales growing 5.1 percent for the three-month period.
Target attributed the strong sales gains to its comp store increases, new store expansion and the company's credit card operations.
Earnings before interest and income taxes (EBIT) in the first quarter of 2006 increased 12.2 percent to $1.02 billion, compared with $907 million in the first quarter a year ago. Key contributors to this EBIT growth included more rapid profit growth in Target's credit card operations and the benefit of a non-recurring $28 million pretax adjustment to depreciation and amortization, partially offset by unfavorable expense rate performance, the company said.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.