Target Corp., seeing robust traffic in its stores and online, reported a 5.9 percent increase in net earnings in the first quarter to $718 million from $678 million in the year-ago period.
Sales rose 3.5 percent in the quarter ended May 5 to $16.56 billion from $15.99 billion in the year ago period.
Comparable sales grew 3 percent. Digital sales rose 28 percent. First quarter traffic rose 3.7 percent, the most in 10 years, the company said.
”We’re very pleased that our business continued to generate strong traffic and sales growth in the first quarter as we made significant progress in support of our long-term initiatives,” said Brian Cornell, chairman and chief executive officer.