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CHICAGO - Target Corp. said on Monday it plans to spend $3.3 billion to $3.5 billion in 2002, mostly to expand its discount Target stores, Reuters reports. The retailer also said it expects strong growth in revenues and profits this year, driven by its Target chain.
Gains in 2002 will also be fueled by the retailer's credit card operations, primarily through its Target Visa credit card, the company said in an annual report filed with the U.S. Securities and Exchange Commission.
In 2001, Target's net income rose 8.3 percent from a year earlier, to $1.37 billion, or $1.50 a share. Total revenues increased 8.1 percent to $39.89 billion.
In 2002, Target will increase its total store base of 1,381 by about 95 stores, or about 12 percent, according to Reuters. The plans include at least 30 SuperTarget stores, accounting for about 40 percent of the net increase in square footage. Funding for the stores will generated internally and through debt, according to the filing.