Target posts strong earnings in first quarter of 2010

By Peggy Kataveli, CMA, B2P
Published on Wednesday May 19, 2010 at 8:28 am ET
Updated 05-19-10, 8:40 am ET

The discount retail giant Target today reported earnings for the first quarter of 2010.

The company said total sales were up 5.5-percent to $15.2-billion in the quarter ended May 1, 2010, compared to $14.4-billion in the same period in 2009.

Net earnings for the quarter were $671-million, up over 28-percent from $522-million in Q1 ’09.

EPS was $0.90 per share, compared to $0.69 YoY.

The earnings marginally beat the Street’s expectations.

 The company chief executive Gregg Steinhafel said in a statement that he was “very pleased” with Target’s first quarter financial results.

While Target was able to report an increase in total sales and net earnings, chief rival Wal-Mart reported a 1.1-percent decline in total revenue with same store sales.

The company says it has plans to diversify into new lucrative markets including Canada where Wal-Mart has enjoyed less competition in the country with very strong earnings.

Target says it hopes to enter these spaces within the next few years.

Target shares (NYSE:TGT) are trading down 1.36-percent to $53.48 per share in early morning trading.

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Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to [email protected]
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