Target Corporation (NYSE: TGT) Reports Earnings

Target Corporation (NYSE:TGT) recently reported net earnings of $594 million for the second quarter ended August 1, 2009, compared with $634 million in the second quarter ended August 2, 2008. Earnings per share in the second quarter decreased 3.9 percent to $0.79 from $0.82 in the same period a year ago. All earnings per share figures refer to diluted earnings per share.

“Second quarter earnings were stronger than expected due to very strong operating margin in our retail segment, and credit card segment performance in line with expectations,” said Gregg Steinhafel, Chairman, President and Chief Executive Officer. “Looking forward to the second half of the year, we are focused on initiatives to drive incremental traffic and sales in our stores while maintaining disciplined execution in both of our business segments.”  A telephone replay of the recent earnings conference call will be available beginning at approximately 12:30 PM EDT August 18, 2009 through the end of business on August 20, 2009. The replay number is (800) 642-1687 (passcode: 73958812).

Target is an upscale discounter that provides high-quality, on-trend merchandise at attractive prices in clean, spacious and guest-friendly stores. Target Corporation’s retail segment includes large, general merchandise and food discount stores, and a fully integrated on-line business called Target.com. In addition, the company operates a credit card segment that offers branded proprietary and Visa credit card products. At quarter-end, the company operated 1,719 Target stores in 49 states.

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