(Filed Under Financial and General Interest News). Target Corporation beat out competitor Wal-Mart during the first quarter ended May 1, 2010, with earnings per share increasing a record-breaking 30 percent, to 90 cents from 69 cents during the same period last year.
In the company’s retail segment, sales increased 5.5 percent, to $15.2 billion from $14.4 billion, due to a 2.8 percent increase in comparable store sales and the contribution from new stores.
“We’re very pleased with our first quarter financial results, which were the result of disciplined execution by our teams in a stronger-than-expected economic environment,” Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation, said. “Our retail segment delivered results well above our expectations, as sales of higher margin discretionary items were particularly strong, especially in apparel […] Going forward, we will continue our relentless focus on delighting our guests by delivering the right fashion, great quality at low prices, and a superior guest experience in our stores and online.”
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