Target Posts Profit
Target Corp. said Wednesday that its first quarter profit surged almost 30 percent, based on revenue that rose slightly.
The company attributed the strong results to robust retail sales, especially of discretionary items.
"We're very pleased with our first quarter financial results, which were the result of disciplined execution by our teams in a stronger-than-expected economic environment," the company's chairman, president and CEO, Gregg Steinhafel, said as part of the announcement. "Our retail segment delivered results well above our expectations, as sales of higher margin discretionary items were particularly strong, especially in apparel. Profitability in our credit card segment was also well above expectations, as declining risk levels led to a sharp reduction in bad debt expense compared with a year ago."