USA: Target Q2 Profit Hits $344m On Surging Sales
The Minneapolis-based company said total revenue climbed 13 per cent to just over $10 billion from $8.9bn in 2001 as revenue soared 16 per cent at its Target stores.
In a statement, the company said total sales jumped 11 per cent to $9.7bn, while net credit revenue soared 89 per cent to $277m. Same-store sales rose three per cent.
"We are extremely pleased with our second quarter results, particularly our continued momentum at Target Stores," said Bob Ulrich, chairman and CEO.
"This performance reinforces our confidence in our ability to deliver strong profitable growth in 2002 and generate considerable value for our shareholders over the long-term."
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