(Filed Under Financial and General Interest News). Target Corporation reported net earnings of $594 million in the second quarter ended August 1st, 2009, compared with $634 million in last year’s second quarter. Earnings per share decreased 3.9 percent to 79 cents from 82 cents, beating expectations; the company said. “[This was] due to a very strong operating margin in our retail segment, and credit card segment performance in line with expectations,” Gregg Steinhafel, chairman of the company, commented.
Sales dropped 2.7 percent, to $14.6 billion from $15.0 billion, due to a comparable store sales decline of 6.2 percent, which the company said was partially offset by the contribution from new store expansion. Retail segment earnings before interest expense and income taxes were $1,064 million, a 3.1 percent decrease. Credit card segment profit totaled at $63 million compared to $74 million last year.
At the end of the second quarter, Target operated 1,719 stores in 49 states.
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