Target Corp.’s second-quarter and first-half results were robust as the company reaffirmed full-year projections.

For the three months ended Aug. 4, net income swelled 12.6 percent to $686 million, or 80 cents a diluted share, from $609 million, or 70 cents, in the same year-ago quarter. Revenues rose 9.5 percent to $14.62 billion, which included a 9.3 percent gain in sales to $14.17 billion from $13.35 billion. The balance of the revenues came from its credit card operation. Same-store sales in the quarter rose 4.9 percent.

For the first half, net income jumped 15.1 percent to $1.34 billion, or $1.55 a diluted share, from $1.16 billion, or $1.33, last year. Revenues rose 9.4 percent to $28.66 billion, which included a 9.2 percent increase in sales to $27.79 billion from $26.21 billion a year ago.

“We continue to believe Target will deliver strong sales and profit performance in 2007 and generate another year of profitable market share growth. We also continue to believe that $3.60 remains within the range of likely outcomes for our full-year 2007 earnings per share,” said Bob Ulrich, chairman and chief executive officer, in a statement.


For complete coverage, see Wednesday’s issue of WWD.

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