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Target Plans 60 Stores

MINNEAPOLIS-Target Corp. is embarking on its largest opening cycle to date while reporting a 50% increase in Q2 profits.

By Dana Dubriwny | Updated on August 12, 2005

MINNEAPOLIS-Including openings, relocations and closings, locally based Target Corp. is planning to open 60 new stores during the month of October, marking the company’s most robust opening cycle yet. Of the new stores, 32 will open as Target discount stores while 17 open as Super Targets.

In addition to the upcoming openings, Target’s second quarter earnings call Thursday focused on the profitable results from the quarter ended July 30. The company reported a 50% increase in earnings from continued operations totaling $540 million, or 61 cents per share, compared with $360 million, or 39 cents per share, in the second quarter ended July 31, 2004.

Total revenues in the second quarter increased 13.6% to $11.99 billion from $10.56 billion in 2004, driven by a 6.7% increase in comparable store sales combined with the contribution from new store expansion and the company’s credit card operations. The company also reported an improvement in its gross margin rate from the prior year, which the company said was primarily due to higher markup, as well as favorable markdowns and inventory shortage.

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