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Target Corp total revenues up 9.2% to $14.041bn in Q1
23 May '07
3 min read
The contribution from the company's credit card operations to first quarter earnings before taxes (EBT), net of the allocated interest expense to fund our average accounts receivable, was $143 million, an increase of $25 million, or 20.6 percent, from the same period in 2006. This favorability is primarily attributable to growth in net interest income.
Other Factors:
The company's effective income tax rate for the first quarter was 38.8 percent in 2007 compared with 37.5 percent in 2006. For the full year, the effective income tax rate is still expected to increase modestly from last year's 38.0 percent rate.
Under a $5 billion share repurchase program that began in 2004, the company repurchased $549 million of its common stock during the first quarter of 2007, acquiring 9.2 million shares at an average price of $59.79 per share. Program-to-date, the company has acquired 80.2 million shares of its common stock at an average price per share of $49.84, reflecting a total investment of approximately $4.0 billion.
The company expects to continue to execute this program primarily in open market transactions, subject to market conditions, and expects to complete the total program by year-end 2008, or sooner.
Other Factors:
The company's effective income tax rate for the first quarter was 38.8 percent in 2007 compared with 37.5 percent in 2006. For the full year, the effective income tax rate is still expected to increase modestly from last year's 38.0 percent rate.
Under a $5 billion share repurchase program that began in 2004, the company repurchased $549 million of its common stock during the first quarter of 2007, acquiring 9.2 million shares at an average price of $59.79 per share. Program-to-date, the company has acquired 80.2 million shares of its common stock at an average price per share of $49.84, reflecting a total investment of approximately $4.0 billion.
The company expects to continue to execute this program primarily in open market transactions, subject to market conditions, and expects to complete the total program by year-end 2008, or sooner.
Target Corporation
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