Target: profit, sales rise in 'robust' third quarter
(CercleFinance.com) - Target's third-quarter earnings rose 43%, as the discount retailer benefited from higher sales and gained market share across all its core categories.
The Minneapolis-based company said profit exceded one billion dollars, or 2.02 dollars per share in the fiscal third quarter to 31 October, compared with 714 million dollars, or 1.40 dollar a share, a year earlier.
Revenue jumped over 21% to 22,6 billion dollars, as sales at stores open for at least one year (comparable sales) rose 20.7% in the quarter.
Target sounded decidedly upbeat about what it called a "robust quarter."
"The result is unprecedented market share gains and historically strong sales growth, both in our stores and our digital channels," said chairman and chief executive officer Brian Cornell.
The company said it has lifted its share repurchase suspension, which it announced in March in the midst of the first wave of the Covid-19 pandemic.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The Minneapolis-based company said profit exceded one billion dollars, or 2.02 dollars per share in the fiscal third quarter to 31 October, compared with 714 million dollars, or 1.40 dollar a share, a year earlier.
Revenue jumped over 21% to 22,6 billion dollars, as sales at stores open for at least one year (comparable sales) rose 20.7% in the quarter.
Target sounded decidedly upbeat about what it called a "robust quarter."
"The result is unprecedented market share gains and historically strong sales growth, both in our stores and our digital channels," said chairman and chief executive officer Brian Cornell.
The company said it has lifted its share repurchase suspension, which it announced in March in the midst of the first wave of the Covid-19 pandemic.
Copyright (c) 2020 CercleFinance.com. All rights reserved.