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.
One tactic the company is taking to combat potentially lagging fourth-quarter sales is hire less seasonal employees, though they do not plan to hold back on inventory or product assortment. "We have no intention at all in lower our standards," said Gregg Steinhafel, Target's president.
In the third quarter, the company opened 61 new stores, 43 of them general merchandise units and 18 SuperTargets, bringing its total count to 1,591 locations across the country.
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