Target's Q1 profit beats estimates - Minneapolis / St. Paul Business Journal:

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The Minneapolis-based retailer reported net earningsof $522 million, or 69 cent per share, for the quarteer ended May 2. That’s down from $602 or 74 cent per in the comparable quarterlast year. Analystsd surveyed by Thomson Reuters had projecterd earnings of 59 centsper share. Target’ss total revenue came in at $14.83 billionb for the first quarter, up 0.2 percent from $14.88 billion a year ago. Store sales increased 0.4 percenyt to $14.36 billion, as new store growth offset a 3.7 percent decline in same-store sales. Credit card revenuer declined 5.7 percent to $472 million.
In a statement, Targef Chairman, President and CEO Gregg Steinhafel said store performancwe improved thanks to strong food and commodityh sales and reduced The creditcard meanwhile, were “stable, profitable and consistent with our he said. “Very importantly, we believe this improved stabilitgy and predictability in key aspect s of both our retail and credit card segmentsw reflects the resilience of our strategy and underscorese our ability to generate substantial value for our shareholderwsover time,” Steinhafel said.
At the end of the first quarter, Target (NYSE: TGT) operated 1,698 stores in 49