Target posts strong earnings in first quarter of 2010

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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