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MINNEAPOLIS - Target Corp. on Thursday said its second-quarter profit increased 4 percent as the addition of new Target stores and growth in its credit-card operation offset revenue declines at the company's Marshall Field's and Mervyn's stores.
Earnings for the quarter ended Aug. 2 were $358 million, or 39 cents per share, up from $344 million, or 38 cents per share, in the same quarter a year earlier. Revenue increased 9.1 percent to $10.98 billion from $10.07 billion in the second quarter of 2002.
Target's namesake stores performed well with revenue up more than 11 percent to $9.46 billion. Same-store sales rose 1.5 percent.
"We are pleased with our second-quarter performance for the corporation overall, driven by strong results at our Target Stores despite a difficult comparison to a year ago," said Bob Ulrich, Target's chairman and CEO, in a statement. "We remain focused on achieving profitable market share growth by delivering both a clearly differentiated shopping experience and exceptional value to our guests."