Target Profit Falls 4.5%, Sets $10 Billion Buyback

Target Corp.'s fiscal third-quarter net income dropped 4.5% on soft sales of higher-margin items and announced a $10 billion stock buyback.

In the quarter ended Nov. 3, the Minneapolis-based retailer reported net income of $483 million, or 56 cents a share, compared with $506 million, or 59 cents a share, a year earlier. Revenue rose 9.3% to $14.84 billion.

Analysts' mean estimates were for per-share earnings of 62 cents on revenue of $14.83 billion, according to a poll by Thomson Financial.

Revenue from the credit-card business jumped 19% to $493 million. Gross margin was 31.9%, down from 32.4% a year ago.

Read Full Article from Wall Street Journal

- Posted: 2007-11-20 10:04:59

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