Target 3Q EPS down 13.8%

MINNEAPOLIS Target reported net earnings of $369 million for the third quarter ended Nov. 1, compared with $483 million in the third quarter ended Nov. 3, 2007. Earnings per share in the third quarter decreased 13.8% to 49 cents from 56 cents in the same period a year ago. All earnings per share figures refer to diluted earnings per share.

“Our third quarter financial results reflect the significant macroeconomic challenges facing our retail and credit card segments,” said Gregg Steinhafel, president and ceo. “As we look to this holiday season and 2009, our entire Target organization is focused on providing compelling reasons for our guests to shop at Target in these difficult times -- by delivering exceptional value, a broad assortment of outstanding merchandise and a superior store experience. In addition, we continue to drive profitable performance through our thoughtful approach to managing inventory, credit card receivables, expenses and capital investment.”

Sales at Target's retail segment grew 1.7% in the third quarter 2008 to $14.6 billion from $14.3 billion in 2007, due to the contribution from new store expansion offset by a 3.3% decline in comparable-store sales.