Target Retail Segment sales grow in Q2

20 Aug '08

4 min read

The company's effective income tax rate for the second quarter was 36.8 percent in 2008, down from 38.4 percent in 2007, due in part to favorable resolution during the quarter of specific tax uncertainties. For the full year, the company expects an effective income tax rate in the range of 37.5 to 38.0 percent.

Share Repurchase:
In the second quarter, under the share repurchase program announced in November 2007, the company repurchased approximately 33.8 million shares of its common stock at an average price of $49.30, for a total investment of $1.7 billion.

Program-to-date through the end of the second quarter, the company has acquired approximately 90.8 million shares of its common stock at an average price per share of $51.61, reflecting a total investment of approximately $4.7 billion. The company expects to complete the program by the end of 2010 or sooner, and has nearly attained its previously stated expectation to complete half or more of the $10 billion authorization by the end of 2008.

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