Target Sees Sales Gain, Profits Fall

Target Corp. said yesterday it saw "solid increases" in consumables and its commodity business during the third quarter that ended Nov. 3, though sales were soft in higher-margin categories, particularly apparel.

MINNEAPOLIS — Target Corp. here said yesterday it saw "solid increases" in consumables and its commodity business during the third quarter that ended Nov. 3, though sales were soft in higher-margin categories, particularly apparel. Net income for the three-month third quarter fell 4.4% to $483 million, while total revenues rose 9.3% to $14.8 billion and comparable-store sales climbed 3.7%. For the year to date, net income increased 9.1% to $1.8 billion, while revenues rose 9.3% to $43.5 billion and comps jumped 4.3%. The company said its board has authorized a new $10 billion share repurchase program over the next three years that will involve a buyback of more than 20% of the company's outstanding shares. Target said it expects to complete half or more of the buyback by the end of 2008.

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