Target Corp. has reported on an impressive third quarter of the year, during which year-on-year profit increased by 23 per cent as shoppers were drawn to the group's discount schemes.
Earnings for the three-month period totalled US$535m or US$0.74 per share, compared with the US$436m or US$0.58 per share in the same period of 2009, Reuters reported.
Revenue rose slightly by 2.2 per cent to hit US$15.6bn, although the retailer's gross margin rate dropped 30.6 per cent from 30.8 per cent last year on growing commodity costs.
Target CEO Greg Steinhafel said that the group was anticipating a fourth-quarter comparable store performance that would top any quarter over the past three years.
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