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MINNEAPOLIS and NATICK, Mass. - Quarterly profits were released today from both Target Corp. and BJ's Wholesale Club Inc.
Target reported a 36 percent increase in quarterly income, helped by higher sales of food and "cheap and chic" clothing and housewares at its Target discount stores, Reuters reports.
The retailer said income in the fiscal first quarter ended May 4 rose to $345 million, or 38 cents a diluted share, compared with $254 million, or 28 cents a share, a year earlier.
Sales in the quarter rose to $9.594 billion from $8.334 billion a year ago. Sales at stores open at least a year rose 5.2 percent.
Pretax profits at the company's Target stores rose 35 percent to $678 million, while sales in that division rose 19 percent to $8.03 billion. Sales at Target stores open at least a year rose 6.8 percent in the quarter.
Warehouse club retailer BJ's Wholesale Club Inc. said its first-quarter earnings edged up slightly from a year ago, helped by higher sales of consumer goods like food and health and beauty aids.
BJ's posted net income of $23.1 million, or 32 cents a share, compared with $23 million, or 31 cents in the year-earlier period. The quarter includes expenses relating to the earlier timing of new club openings and liability for House2Home leases.
Net sales rose 11 percent to $1.26 billion from $1.13 billion a year ago. Sales at stores open at least a year, or same-store sales were up 4 percent.