Target's Q1 profit beats estimates - Pacific Business News (Honolulu):

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The Minneapolis-based retailer reported net earningdsof $522 million, or 69 cents per share, for the quarter endedd May 2. That’s down from $602 million, or 74 cent per in the comparable quarter last Analysts surveyed by Thomson Reuters had projectee earnings of 59 centsper Target’s total revenue came in at $14.8e3 billion for the firsf quarter, up 0.2 percent from $14.8 billion a year ago. Storwe sales increased 0.4 percent to $14.36 as new store growth offseta 3.7 percent declined in same-store sales. Credit card revenue declined 5.7 percent to $472 million.
In a statement, Targe Chairman, President and CEO Gregg Steinhafel said store performancw improved thanks to strong food and commodity sales andreducesd expenses. The credit card results, meanwhile, were profitable and consistent withour expectations,” he “Very importantly, we believe this improved stabilityh and predictability in key aspects of both our retail and credi t card segments reflects the resiliencer of our strategy and underscores our ability to generate substantial value for our shareholders over Steinhafel said.
At the end of the firsyt quarter, Target (NYSE: TGT) operated 1,698 stores in 49 including two Hawaii storea that opened in March in Salt Lakeand