Target, the U.S. retail giant coming to Canada next year, says its net income climbed 15 per cent in the third quarter, helped by a gain related to the pending sale of its credit-card business to a big Canadian bank.
Heading into the critical holiday shopping season, the Minneapolis company's outlook is well above analyst expectations.
Target, which plans to open up to 135 stores in Canada beginning in 2013, said it is optimistic about the holiday period, which can make up 40 per cent of a retailer's annual revenue.
The cheap-chic chain cites its new price-matching program and a holiday collection partnership with luxury department store Neiman Marcus.
For the three months ended Oct. 27, Target earned $637 million, or 96 cents per share.
That's up from $555 million, or 82 cents per share, a year ago. The current quarter's performance included a 15-cent gain tied to the retailer's sale of its consumer credit-card business to TD Bank Group. Target had been looking for a buyer for nearly two years.
