Profits up at US general merchandiser
Profits at US general merchandiser Target rose to US$939 million (£539.9 million) for the fourth quarter to January 28, compared with US$809 million (£465.1 milllion) the previous year. Like-for-like sales were up 4.2 per cent.

For the full year, profit was US$2.41 billion (£1.39 billion), compared with US$1.89 billion (£1.09 billion) in 2004, on sales of more than US$50 billion (£28.75 billion). Like-for-like sales improved by 5.6 per cent.

The company is to open another 110 stores this year, adding to its 1,239 discount stores and 136 hypermarket-style SuperTargets. It will focus on developing its food business.

About half of the discount stores offer a limited range of food products but food will be introduced into more stores this year. The SuperTarget stores already stock a full-line supermarket offer and sales have been higher in these than in the non-food-only stores, the company said.

'We continue to grow SuperTarget square footage at a sharply faster rate than our general merchandise square footage,' said Target Corporation chairman and chief executive officer Bob Ulrich.