Target I: the numbers
May 12, 2005,
MINNEAPOLIS — Widening the performance gap between itself and its rivals, Target Corp. pushed profits and same-store sales up at a sharply faster pace than its primary competitor, Wal-Mart Stores, during the opening quarter, with earnings climbing 14.6 percent, to $494 million, and comps jumping 6.2 percent.
Overall sales at Target rose 12.7 percent, to $11.2 billion from $9.9 billion. Wal-Mart's total sales advanced at a somewhat slower pace of 9.5 percent.
Target will continue its rollout of new brands this month with Fieldcrest classic and luxury brands for bed and bath; California Classic; the expansion of Isaac Mizrahi; and introduction of Dotty Love, a new tween collection spanning such products as room and hair accessories, apparel and jewelry.
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