Target Corp.’s first-quarter net income rose 2.7 percent as better-than-expected performance in its credit card business helped offset weakness in its stores, the Minneapolis-based retailer said Wednesday.
For the three months ended April 30, Target’s net income was $689 million, or 99 cents a diluted share, from $671 million, or 90 cents, in the 2010 quarter. Total revenues rose 2.2 percent to $15.94 billion from $15.59 billion a year ago, with net sales up 2.8 percent to $15.58 billion and credit card revenues down 18.4 percent to $355 million. Same-store sales rose 2 percent, while retail segment gross margin dropped to 30.4 percent of sales from 31.3 percent in last year’s quarter.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"