Inside This Issue - News
Target is optimistic about sales prospects
November 29th, 2010
MINNEAPOLIS – Target Corp. expects a good holiday season that will yield the retailer’s highest quarterly same-store sales gains in three years.
"While consumers remain conservative in their purchasing behavior, we’re encouraged by recent signs in the broader economy that may signal somewhat stronger and more stable sales in the coming months," said chief executive officer Gregg Steinhafel during a conference call.
Steinhafel cited reduced uncertainty and a somewhat improved job market as positive signs for the economy, and said Target’s merchandising plans and credit card discount program should drive sales. The retailer in October launched a promotion that gives customers a 5% discount when they pay for their purchases with a Target credit card.
Target reported third quarter net income of $535 million, which is up 22.6% over the prior-year figure. Revenue rose 2.2% to $15.61 billion, and same-store sales advanced 1.6%.