Minneapolis – Target reported higher net sales and flat net earnings in its fiscal second quarter, ended July 28.
Net sales were $16.8 billion, up 3.3 percent from the prior year’s $16.2 billion. Net earnings were $704 million, which was flat year on year.
In its U.S. retail segment, Target reported sales increased 3.5 percent to $16.5 billion in second quarter 2012, from $15.9 billion last year, reflecting a 3.1 percent increase in comp-store sales combined with the contribution from new stores.
Segment earnings before interest expense and income taxes (EBIT) were $1.181 billion in the second quarter of 2012, an increase of 2.9 percent from $1.147 million in 2011.
In a prepared statement, Gregg Steinhafel, chairman, president and CEO of Target, said, “We’re pleased with Target’s strong second-quarter financial performance, which reflects a continued focus on delivering an outstanding experience for our guests and disciplined execution of our strategy.”
He added, “In addition, we’re very pleased with the initial response to the July opening of our first three CityTarget locations in Seattle, Los Angeles and Chicago. We look forward to serving guests in these dense urban areas with an exciting store format and uniquely tailored assortment.”