Target Posts Solid Results, Cautious On Future

MINNEAPOLIS-Target Corp. reported strong sales and earnings during the second quarter, but executives say that they are taking a more conservative outlook for the second half of the year. “We’re at a slightly more modest rate than we were last year, and we see that continuing into the fall season,” said Bob Ulrich, the company’s chairman and chief executive officer, during a conference call.

Same-store sales rose 4.9% during the period, which ended Aug. 4, while total sale jumped 9.5%, to $14.6 billion. Net earnings came in at $686 million, or 80 cents per share, compared to 70 cents per share during the same year-ago period.

Executives are still forecasting earnings per share for the year to come in at $3.60. However, they plan to manage the inventory of seasonal products and apparel more tightly this fall to combat any shortfalls.