Sales declined 2.7% from the same quarter in 2008. Total sales were $14.6 billion, down from $15 billion. According to company executives, the decline is due to a 6.2% decline in comparable-store sales which were offset by new store openings.
Net earnings for Q2 totaled $594 million, down from 2008's second quarter net earnings of $634 million. Earnings per share were $0.79 per diluted share, a 3.9% decline.
By year end, Target will have opened 75 new stores in 2009. Based on closings and relocations that will come to a net total of 60 new locations. For 2010 Target has a smaller expansion plan, with plans to open 12 new stores in 2010 and close or relocate two or three stores.
During the first half of the year Target began implementing its fresh grocer segment, PFresh. So far 40 new or remodeled stores have begun carrying this new arm. Client feedback has been positive, and as a result more than 100 stores will have the PFresh department by year-end.
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