Target Q3 Net Rises 14.8 Percent
November 15, 2012,
MINNEAPOLIS-Increased sales and a one-time gain helped Target to a 14.8 percent increase in its net income for its fiscal third quarter, to $637 million.
The one-time gain of $156 million was for the pending sale of the retailer's credit-card receivables portfolio. Net sales in the quarter, which ended on Oct. 27, rose 3.4 percent to $16.6 billion, and included a same-store sales increase of 2.9 percent.
Gregg Steinhafel, Target's chairman, president and CEO, said the company was pleased with its third quarter, which has positioned the retailer for a "strong fourth-quarter performance" as well. Initiatives such as the 5% REDcard Rewards and the recently announced Target/Neiman Marcus holiday collection and the Holiday Price Match program offer more promise for a healthy fourth quarter, Steinhafel added.