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Dayton Hudson net up 21%
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May 18, 1999: 10:01 a.m. ET
Target stores parent surpasses Wall St. estimates by 2 cents a share in 1Q
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NEW YORK (CNNfn) - Dayton Hudson Corp., operator of the Target discount store chain, said Tuesday its fiscal first-quarter net profit rose 21 percent on an 11.5 sales gain.
The Minneapolis-based retailer said net profit for the quarter ended May 1 totaled $194 million, or 41 cents per diluted share, easily beating Wall Street estimates. Analysts polled by First Call Corp. had predicted earnings of 39 cents per share.
In the year-ago period, Dayton Hudson (DH) earned $160 million, or 34 cents per share, not including a one-time charge associated with a debt repurchase.
Total revenue for the latest quarter rose 11.5 percent to $7.21 billion. Target's total revenue rose 14.1 percent to $5.49 billion.
Of Dayton Hudson's 1,190 stores, 859 are Targets. The company also runs the Mervyn's apparel and home goods chain and Marshall Field department stores.
Shares of Dayton Hudson were up 1/8 at 65-3/4 as trading got under way in New York Tuesday. 
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Dayton Hudson Corp.
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