• Q3 earnings up 3.1%
  • Sales grpw 2.8%
  • US comparable sales up 1.2% 
US comparable sales was better than company expectations

US comparable sales was better than company expectations

US retailer Target Corp has said it is pleased with its third-quarter results after booking an increase in earnings and sales.

In the three months ended 1 November, net profit amounted to US$352m from $341m a year earlier. This represented an increase of 3.1%.

Sales grew 2.8% to $17.7bn from $17.26bn in the year ago period.

US segment comparable sales growth of 1.2% was better than the company's expected range of flat to 1 percent. This reflected third-quarter digital sales growth of more than 30%, the company said.

"We're pleased with our third quarter financial results, which were driven by better-than-expected performance in our US segment," said CEO Brian Cornell. "We're encouraged by the improving trend we've seen in our US business throughout the year, and our fourth-quarter plans are designed to sustain this momentum. In Canada, we've made improvements to our operations, pricing and assortment in time for the holiday season, and we're eager to measure how our guests respond."