Target Corporation, the second-largest discount retailer in the United States, has stated that its total third quarter sales plunged 6.7 per cent to US $ 16.4 billion from US $ 17.6 billion in the same quarter last year, reflecting a 0.2 per cent decline in comparable sales.
As per the company release, comparable digital channel sales however increased by 26 per cent. Segment Earnings Before Interest Expense and Income Taxes (EBIT), which is Target’s measure of segment profit, were US $ 1,057 million in the reporting quarter, marking a jump of 9.9 per cent from US $ 962 million in the same quarter last year.
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Brian Cornell, Chairman and CEO, Target said, “We are very pleased with our third quarter financial results, which reflect meaningful improvement in our traffic and sales trends and much stronger-than-expected profitability. As we move into the biggest quarter of the year, we are pleased with our inventory position and confident that our team will deliver a great guest experience as they bring our merchandising and marketing plans to life throughout the holiday season.”
