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government-trade

Target 1-Qtr Profits Ahead of Estimates

Target Corp. on Wednesday posted first-quarter results that beat Wall Street’s expectations by 4 cents.

NEW YORK — Target Corp. on Wednesday posted first-quarter results that beat Wall Street’s expectations by 4 cents.

Target said net income jumped 17.5 percent to $651 million, or 75 cents a diluted share, from $554 million, or 63 cents, in the same year-ago quarter. Wall Street was expecting EPS of 71 cents. Total revenues gained 9.2 percent to $14 million from $12.9 million, which included a sales increase of 9 percent to $13.6 million from $12.5 million. Same-store sales increased 4.3 percent.

“We are pleased with the strength of our first quarter results in both our core retail and credit card operations,” said Bob Ulrich, chairman and chief executive officer, in a statement.