US: Target reports 3.7% rise in Q3 net earnings
- Q3 net earnings rose 3.7% to US$302m
- Sales climbed 5.1% to $16.4bn
- Retail division sales were up 5.4% to $16.1bn
Target Corp reported a jump in third-quarter earnings yesterday (16 November) as the general merchandise retailer saw a "strong" performance in its US retail and credit-card segments.
Net earnings rose 3.7% to US$302m for the three months to 29 October, as sales climbed 5.1% to $16.4bn. Sales in its retail division increased 5.4% to $16.1bn, and were up 4.3% on a comparable-store basis.
The discount giant said third-quarter gross margin declined slightly to 30.5% from 30.6%, which it attributed to the impact of its "integrated growth strategies", partially offset by rate improvements within categories.
"We're very pleased with our third quarter financial results, which reflect strong performance in our US retail and US credit card segments," said chairman, president and CEO Gregg Steinhafel.
"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, allowing us to continue rewarding our shareholders while investing millions of dollars each week to support the many local communities where our guests and team members live, work and shop."
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