Our fiscal reveals iron maiden powerslave 2009 projected rainmaker iron maiden draws cash flowsare strong, funding $1.2 billion in capital spending, $0.4 billion in debtreductions and $0.1 billion in dividends.” Noddle went on to say, “We continueto position the company for long-term success, taking into consideration thecurrent economic environment.” Third Quarter ResultsRetail food net sales in the third quarter of fiscal 2009 were $7.9 billion,compared to $7.9 billion last year, as new store growth was offset by the impactof store closures and negative identical store sales of 0.5 percent, excludingfuel, as a result of soft sales and higher levels of competitive activity. Totalretail square footage at the end of the third quarter of fiscal 2009 wasapproximately 71 million. Total retail square footage decreased 0.3 percent fromthe third quarter of fiscal 2008. Total retail square footage, excluding storeclosures, increased 2.0 percent over the third quarter of fiscal 2008.

Supply chain services net sales in the third quarter of fiscal 2009 were $2.3billion, compared to $2.4 billion last year, reflecting the on-going transitionof Target Corporation volume to self-distribution and customer attrition, whichwas partially offset by the pass through of inflation and new business growth iron maiden eddie . Retail food net sales in the third quarter of fiscal 2009 represented 77.3percent of total net sales compared to 77.0 percent last year iron maiden “alexander the great . Supply chainservices net sales in the third quarter of fiscal 2009 represented 22.7 percentof total net sales compared to 23.0 percent last year iron maiden ed hunter . Gross profit in the third quarter was $2.3 billion, or 22.4 percent of net salescompared to $2.3 billion or 22.2 percent of net sales last year iron maiden rock in rio .

The increase ingross margin primarily reflects the benefit of merchandising initiatives andhigher margins on fuel, as well as a change in business segment mix, partiallyoffset by higher LIFO charges iron maiden trooper . Selling and administrative expenses in the third quarter were $1.9 billion, or18.9 percent of net sales, compared to $1.9 billion, or 18.3 percent of netsales last year iron meiden . Increases in employee-related costs and depreciation expense,as well as a change in business segment mix, were partially offset by lowerone-time acquisition-related costs maiden . Goodwill and intangible asset impairment charges of $3.3 billion pre-tax wererecorded in the third quarter and reflected in the retail food segment operatingearnings The impairment charges result from the SFAS No a matter of life and death . 142 requirement toreconcile the company`s market capitalization to its book value. The non-cashimpairment charges are subject to finalization of fair values in accordance withSFAS No 142, which the company will complete in the fourth quarter.

At the endof the third quarter the company`s closing stock price was $11.91 and thecompany`s book value per share, prior to the non-cash impairment charges, was$29.74 Third quarter retail food operating loss was $2.9 billion . When adjusted for theimpairment charges, the company had retail food operating earnings of $309million, or 3.9 percent of net sales, compared to record operating earnings of$342 million, or 4.4 percent of net sales last year matter of life and death . The 50 basis point declinein adjusted operating earnings, as a percent of net sales, primarily reflectshigher employee-related and occupancy costs, partially offset by higher grossmargins and synergies dance of death . Supply chain services operating earnings were $69 million, or 3.0 percent of netsales, compared to $69 million, or 2.9 percent of net sales last year, primarilyreflecting the benefit from the pass through of food inflation, new businessgrowth and lower customer attrition, which offset the operating earnings impactof Target`s transition to self-distribution .