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Target Corp retail segment grow in Q1
20
May '08
Target Corporation reported net earnings of $602 million for the first quarter ended May 3, 2008, compared with $651 million in the first quarter ended May 5, 2007. Earnings per share in the first quarter decreased 1.4 percent to $0.74 from $0.75 in the same period a year ago. All earnings per share figures refer to diluted earnings per share.

The company also announced that the transaction to sell an undivided interest in approximately 47 percent of its credit card receivables to JPMorgan Chase for cash proceeds of about $3.6 billion was completed on Monday, May 19, 2008.

This transaction is expected to provide Target with sufficient liquidity to implement its business plans, including previously announced capital investment and share repurchase activity, without the need to access term debt capital markets again this year.

"Our first quarter earnings per share met our expectations despite softer-than-expected sales performance," said Gregg Steinhafel, president and chief executive officer. "Though the current economic environment remains challenging, we will continue to generate long-term value for our shareholders by remaining focused on the disciplined execution of our strategy.

In addition, we believe our shareholders will benefit over time from our significant share repurchase activity and the unique relationship that has been created through this innovative agreement with JPMorgan Chase."

As previously disclosed, beginningthis quarter, the company is reporting two business segments for all periods presented: retail and credit card.

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