US retailer Target Corp. today (16 November) announced a third-quarter rise in sales and profits, helped by growth in comparable-store sales.
Target’s sales in the three months ending 29 October increased to US$16.1bn from $15.2bn a year ago, due to a 4.3% increase in comparable-store sales and contributions from new stores.
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Net income rose to US$555m, up from US$535m in the same period last year, while EBIT rose 9.4% to $1.05bn.
Chairman, president, and CEO Gregg Steinhafel called the quarter “strong” and is optimistic about the remainder of the retailer’s fiscal year.
“We’re confident that we have the right strategy and team in place to drive continued strong performance this holiday season and well into the future”, he said.
Shares in the company, which has 1,767 stores across the United States, rose 1.03% to US$53.73 at 16.33 BST.
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