Target predicts best holiday in 3 years
The retailer posts a better-than-expected quarterly profit and expects a strong fourth quarter as well.
By Jeanine Poggi, TheStreet
Target's (TGT) third-quarter profit jumped 23%, beating estimates, as the company predicted a strong fourth quarter.
The discount retailer earned $535 million, or 74 cents a share, compared with $436 million, or 58 cents, a year ago. Analysts were calling for a profit of 68 cents a share.
Target's sales rose 3% to $15.2 billion, while its same-store sales increased 1.6%. Wall Street predicted sales of $5.61 billion.
"Based on our merchandising and marketing plans, combined with the expected impact of REDcard rewards and our newly completed remodel program, we expect Target's fourth quarter comparable-store performance will be the best of any quarter in the last three years," CEO Gregg Steinhafel said.
Target said its credit card business and strong food sales contributed to the increase in third-quarter earnings.
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