Target Net Climbs 18.4 Percent
Posted on November 17, 2009 by
MINNEAPOLIS-Third-quarter net income for Target totaled $436 million, up 18.4 percent from the third quarter of last year.
Net sales edged up 1.4 percent in the quarter, reaching $14.8 billion, with same-store sales slipping by 1.6 percent. Selling, general and administrative expenses were virtually break-even in the quarter, rising by just 0.3 percent; while cost of goods sold increased 1 percent.
Gregg Steinhafel, chairman, president and chief executive officer, said Target's profitability in the quarter exceeded expectations. The company said it remains cautious in estimating its fourth-quarter results and "is planning conservatively" for its business.