Target 2Q Beats Wall Street Estimates

August 17, 2011  by in UnCategorized   

By Aggregated Content in Financial Reports on August 18, 2011 from http://c.moreover.com/click/here.pl?z5087112433&z=1250249027

Target Corp. is benefiting from the economic downturn, while other retailers are getting battered by it.

The discounter posted second-quarter profit and revenue that beat Wall Street estimates in part because of a growing frugal trend among Americans who are concerned with job security and other economic woes.

Target said although cost-conscious customers in general are making fewer shopping trips overall to save money on gas, they're increasingly coming into its stores for their one-stop shopping needs. Target said profit rose 3.7 percent to $704 million, or $1.03 per share, for the quarter that ended July 30.

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