Improving traffic and sales, particularly in the digital channel, helped Target Corp. easily beat third-quarter profit expectations as the discounter raised its year-end outlook.
Sales in the quarter, ended October 29, fell 6.7% to a better-than-expected $16.4 billion from $17.6 billion last year. Overall same-store sales were down 0.2%. The declines were attributed to the fact that Target no longer includes pharmacy sales in its results since it sold its Rx business to CVS.
Target’s online sales jumped 26%, and contributed 0.7 percentage points to comparable sales growth. . . . more