Target Profit Jumps
Target said Tuesday that it posted a $436 million profit in the third quarter, a jump of 18 percent from the same period last year. Sales increased 1.4 percent in the quarter.
"Profitability in our retail segment during the third quarter was well above expectations, and credit card segment profitability also improved due to continued thoughtful portfolio management in a challenging credit environment," Target's president and CEO Gregg Steinhafel said as part of the announcement.
"As we look ahead, we remain keenly focused on delighting our guests with exciting merchandise, exceptional prices and superior service during the holiday season and believe we are well-positioned to capture profitable market share.”