Target 3Q Profit Grows 15 Pct, Tops Wall Street

MINNEAPOLIS (WCCO) — Target is on a roll. The Minneapolis-based retail chain reported a 15 percent increase in net income during the 3rd quarter on Thursday, exceeding the expectations of Wall Street.

While some of the income came from the sale of Target’s credit-card business, the retailer has high hopes for the holiday shopping season.

About 300 Twin Cities shoppers who responded to a University of St. Thomas survey ranked Target No. 1 along with Macy’s as their favorite store.

NewsRadio 830 WCCO’s Steve Murphy Reports

Professor David Vang isn’t surprised.

“They do a very good job of trying to figure out what the customers are going to want,” said Vang. “And they have a broad enough range to do the staples [with] the nice gifts. And they have a tremendous amount of good will in whatever community they’re located in.”

For its part, Target believes its new price-matching program has been a big factor in customer satisfaction.

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