Target reports 14% earnings increase

MINNEAPOLIS Target Corp. today reported net earnings for the second quarter ended Aug. 4 of $686 million, or 80 cents per diluted share, compared with $609 million, or 70 cents per diluted share in the second quarter ended July 29, 2006, representing a 14% increase in earnings per share.

"We are pleased with our second quarter and year-to-date results," said Bob Ulrich, chairman and ceo of Target Corp. "We continue to believe Target will deliver strong sales and profit performance in 2007 and generate another year of profitable market share growth. We also continue to believe that $3.60 remains within the range of likely outcomes for our full-year 2007 earnings per share."

Total revenues in the second quarter increased 9.5% to $14.62 billion from $13.35 billion in 2006, reflecting a 4.9% increase in comparable-store sales.