Target 'Cautiously Optimistic' for Holidays

MINNEAPOLIS-Target Corp. executives are “cautiously optimistic” about their holiday sales, despite challenges in the overall economy. “The current consumer environment and economic climate is somewhat more challenging compared to the beginning of the year,” said Bob Ulrich, the retailer’s chairman and chief executive officer, during a third-quarter conference call.

During the period, which ended Nov. 3, Target reported net earnings of $483 million, down from the $483 million the company collected a year ago. Same-store sales rose 3.7%, while total revenues increased 9.3%, to $14.8 billion.

The third quarter marked weakness in apparel, home and toy sales, management said. Regions that were impacted the most by slower sales were parts of inland California, Florida and areas of the upper Midwest.