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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