Revenue Up, Profit Down for Target21 Aug, 2013 By: Chris Tribbey
Retailer Target reported higher revenue for the second quarter of 2013, (ended Aug. 3), but a lower profit.
Revenue for the quarter was $17.1 billion, down 2% from the $16.8 billion the company reported during the same quarter in 2012. Target posted a profit of $611 million, down more than 13% from the $704 million the company reported during the second quarter of 2012.
“Target’s second-quarter financial results benefited from disciplined execution of our strategy and strong expense control, offsetting softer-than-expected sales,” said Gregg Steinhafel, chairman, president and CEO of Target Corp. “For the balance of this year, our U.S. outlook envisions continued cautious spending by consumers in the face of ongoing household budget pressures.”
During the quarter, Target opened 44 Canadian stores, bringing its total store count there to 68. Target wants to operate 124 stores in Canada by the end of 2013.