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Target Swings to Profit as Sales Rise in 2015

Feb 28, 2016 4:53 AM   By Rapaport News
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RAPAPORT... Target reported sales increased 1.6 percent to $73.79 billion in the fiscal year that ended January 30. The company made a profit of $3.36 billion compared with a loss of $1.64 billion the previous year. Adjusted diluted earnings per share increased from $4.22 to $4.69.

The disposal of the U.S.-based retailer’s pharmacy and clinic businesses to CVS Health Corporation in December lowered sales by $500 million in the 12 months, according to a statement February 24.

“With traffic growing for five consecutive quarters and our signature categories of Style, Baby, Kids, and Wellness leading our growth, Target’s results demonstrate that we are focused on the right strategic priorities,” said Brian Cornell, Target’s chairman and chief executive officer.
Tags: Rapaport News, retail, target, u.s., U.S. retail
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