Third-quarter sales at Target were up slightly as new store openings served to offset a slight decline in comparable store sales.
Net sales for the quarter were $14.8 billion, up 1.4% from sales of $14.6 billion in the same quarter the previous year. Same store sales for the quarter were down 1.6%. Net earnings for the quarter were $436 million, up from net earnings of $369 million for the same quarter the previous year.
“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,” said Gregg Steinhafel, chairman, president/CEO of Target Corporation. “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.”