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Target Beats Estimates; Readies for Canada, Small Stores

MINNEAPOLIS-The retailer reported a 3.7% rise in same store sales during its Q2 conference call Wednesday. The firm is getting ready to enter Canada and open CityTarget locations.

By Robert Carr | Updated on August 17, 2011

MINNEAPOLIS-Target executives reported positive recent results in the firm’s second quarter conference call held Wednesday, reporting a 3.7% increase in same-store sales and net earnings of $704 million for Q2 2011, up $25 million from Q2 2010. The company seems to be on better footing this year, as retail deals with the recent uncertainty and the firm readies to open up to 135 new stores in Canada by 2015.

Gregg Steinhafel, chairman, CEO and president, said during the call that economic challenges, including inflation, persistent unemployment, weak housing and financial markets, and fiscal crises at every level of government continue to limit consumer confidence and spending. However, for the past three months, Target saw sales growth accelerate to the strongest performance the firm has experienced since 2007, he said.

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