Target Profit Jumps
Target Wednesday posted a profit of $535 million in the third quarter, a 22.6 percent jump over the same period last year. The retailer attributed the gain to strength in the company's credit card business as well as store remodels increasing foot traffic. Sales rose 3 percent in the quarter.
The company predicted a strong holiday season, buoyed by the new 5% REDcard rewards program.
"We're pleased with Target's third quarter financial performance, and we are well-positioned for the fourth quarter," Gregg Steinhafel, chairman, president and chief executive officer, said as part of the announcement.