Target Reports Strong 3Q Earnings Nov 15, 2012

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Retailers Target Corp. reported third quarter 2012 net earnings of $637 million, up 14.8% from $555 in 3Q 2011.

In the first nine months of 2011, net earnings were $2.038 billion, up from $1.948 billion in the first nine of the previous year.

"We're pleased with Target's third quarter financial performance, which reflects superb execution across each of our business segments," said Gregg Steinhafel, chairman, president, and CEO.

In the U.S. retail segment sales were up 3.4% to $16.6 billion in 3Q 2012, from $16.1 billion in 3Q 2011, reflecting a 2.9% increase in comparable-store sales combined with the contribution of new stores.

The Canadian segment showed a loss of $96 million. The company is engaged in start-up operations and expects to enter the market in 2013.

HOLIDAY SEASON PREPARATIONS: "We are well-positioned to deliver strong fourth quarter performance by offering compelling merchandise and unbeatable value through initiatives like the Target/Neiman Marcus Holiday Collection, 5% REDcard Rewards and our new Holiday Price Match which allow our guests to shop at Target with confidence throughout the holiday season," Steinhafel said.

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