Target Sales Disappoint
NEW YORK (
) --
Target
(TGT) - Get Target Corporation Report
reported a 14% increase in second-quarter earnings despite disappointing sales.
During the quarter, Target earned $679 million, or 92 cents a share, compared with $594 million, or 79 cents, for the discounter in the year-ago period.
Target's total revenue, which includes credit card revenue, increased 3.1% to $15.32 billion. It's retail sales jumped 3.8% to $15.13 billion, while same-store sales inched up 1.7%, below company's forecast for an increase of 2% to 4%.
Target, however, did note strength in its apparel business.
Analysts were calling for a profit of 92 cents on revenue of $15.62 billion.
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Shares of Target are slipping 2.6% to $49.61 in pre-market trading.
On Tuesday, rival
Wal-Mart
(WMT) - Get Walmart Inc. Report
reported a 1.8% drop in U.S. same-store sales.
-- Reported by Jeanine Poggi in New York.
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