Cards get credit for Target profit in Q1. (Business Today).
Home Textiles Today, May, 2003 by Hogsett, Don
MINNEAPOLIS -- Lifted almost entirely by continued strength in its growing credit card business, first-quarter profits at Target Corp. inched up by 1.3 percent, to $349 million from $345 million last year. Sales at the company's diversified retail operations grew by 6.9 percent, to $10.0 billion from $9.3 billion last year, with the core Target discount stores contributing all of the growth and offsetting chronic weakness at Mervyn's and Marshall Field's.
Same-store sales slipped by 0.1 percent. Same-store sales at Target stores, faltering in a soft economy, inched up just 1.1 percent, while same-store sales fell by 7.3 percent at Mervyn's and by 4.9 percent at Marshall Field's. The relatively new credit business kicked in another $339 million in...
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