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Target's profit jumps 15%; outlook tops forecasts
By The Associated Press
This article was published November 15, 2012 at 8:33 a.m.
MINNEAPOLIS — Target’s third-quarter net income climbed 15 percent, helped by a gain related to the pending sale of its credit-card business.
Heading into the Christmas shopping season, the Minneapolis company’s outlook is well above analyst expectations.
Target is optimistic about the period, which can make up 40 percent of a retailer’s annual revenue. The cheap-chic chain cites its new price matching program and a holiday collection partnership with luxury department store Neiman Marcus.
For the three months that ended Oct. 27, Target Corp. earned $637 million, or 96 cents per share. That’s up from $555 million, or 82 cents per share, a year earlier.
The current quarter’s performance included a 15-cent gain tied to the retailer’s sale of its consumer credit-card business to TD Bank Group.
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