Stronger credit sales: priceless.(Target Corp. sales data)
Home Textiles Today, February, 2003 by Hogsett, Don
MINNEAPOLIS -- Despite an across-the-board slide in same-store sales in all of its retailing units during the holiday season, Target Corp. managed a modest 4.4 percent increase in fourth-quarter profits, helped by a strong performance in its credit card business, where profits shot up by more than 40 percent.
Fueled by the rapid expansion of its Target discount stores, overall retail sales climbed by 5.6 percent, to $13.7 billion from $13.0 billion. But the retailer may be losing some of the luster gained through trendy designs at its core Target stores. * Same-store sales at Target Stores slipped by 1.1 percent, even though overall sales climbed higher by 9.0 percent to $11.9 billion from $10.9 billion last year, due entirely to new store openings;...
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