Target Corporation (NYSE: TGT) reported net earnings of $689 million for the quarter ended April 30, 2011, compared with $671 million in the quarter ended May 1, 2010. Earnings per share in the first quarter increased 9.8 percent to $0.99 from $0.90 in the same period a year ago. All earnings per share figures refer to diluted earnings per share.
U.S. Retail Segment:
- Sales increased 2.8 percent in the first quarter to $15.6 billion in 2011 from $15.2 billion in 2010, due to a 2.0 percent increase in comparable-store sales and the contribution from new stores.
- Segment earnings before interest expense and income taxes (EBIT) were $1,062 million in the first quarter of 2011, a decrease of 4.2 percent from $1,108 million in 2010.
- First quarter 2011 EBITDA and EBIT margin rates were 10.1 percent and 6.8 percent, respectively, compared with 10.7 percent and 7.3 percent in 2010.
- First quarter gross margin rate declined to 30.4 percent in 2011 from 31.3 percent in 2010.
U.S. Credit Card Segment:
- First quarter average receivables decreased 14.4 percent to $6.5 billion in 2011 from $7.5 billion in 2010.
- Average receivables directly funded by Target increased 6.0 percent in the first quarter to $2.5 billion from $2.4 billion in 2010.
- Segment profit for the quarter was $194 million, compared with $111 million in first quarter 2010.
Net interest expense for the quarter was $183 million, down from $187 million in first quarter 2010. In the first quarter 2011, the company repurchased approximately 15.4 million shares of its common stock at an average price of $53.32, for a total investment of $819 million.
Cash and cash equivalents at end of period were reported as $1.47 billion as compared to $1.58 billion in the comparable period last year.
The shares last traded at $50.78 with a 52 week range of 48.23 – 60.97.