Target reported a sales increase of 3.5% to $16.5 billion in the second quarter of 2012 from $15.9 billion in the same period last year. The gain reflected a 3.1% increase in comparable-store sales combined with the contribution from new stores.
“We’re pleased with Target’s strong second-quarter financial performance, which reflects a continued focus on delivering an outstanding experience for our guests and disciplined execution of our strategy,” said Gregg Steinhafel, chairman, president and CEO of Target Corporation. “In addition, we’re very pleased with the initial response to the July opening of our first three CityTarget locations in Seattle, Los Angeles and Chicago. We look forward to serving guests in these dense urban areas with an exciting store format and uniquely-tailored assortment.”
Net earnings in the quarter were flat at $704 million, the same earnings figure reported by the company in Q2 2011. The company attributed the earnings figure for the quarter to expansion costs. However, adjusted earnings rose by 4.6% to $1.12 per share in Q2, up from $1.07 in the same period in 2011.