US retailer Target today (17 November) announced that its third quarter net earnings rose 22.6% to US$535m on the back of an income tax benefit.

The company said retail sales grew 3% during the quarter ended 30 October to reach $15.2bn, which it attributed to a 1.6% increase in comparable-store sales as well as the contribution from new stores.

EBIT in its retail division was up 3.2% to $816m.

The company said third quarter gross margin was down to 30.6% from 30.8% in the same quarter of 2009, but added that the impact of sales mix on gross margin rate was essentially neutral, “as sales increased at a similar pace in both higher-margin and lower-margin categories”.

“We’re pleased with Target’s third quarter financial performance, and we are well-positioned for the fourth quarter,” said Gregg Steinhafel, chairman, president and chief executive officer of Target.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.