Target tames global supply backups; sales surge 13.2% in Q3 | www.WDIO.com

Target tames global supply backups; sales surge 13.2% in Q3

Target posted better-than-expected earnings in the third quarter. Target posted better-than-expected earnings in the third quarter. |  Photo: WDIO-TV file

ANNE D'INNOCENZIO, AP Retail Writer
Created: November 17, 2021 11:48 AM

Target delivered another quarter of strong results, overcoming a slew of challenges from inflationary pressures to congested ports.

Third-quarter profits rose nearly 47%, while sales increased 13.2%, both exceeding expectations, and the Minneapolis company raised projections for fourth-quarter comparable store sales.

Target joins Walmart heading into the holiday shopping season with momentum. The biggest U.S. retailers are rerouting goods to less congested ports, even chartering their own vessels. Target and Walmart are using their scale to keep prices comparatively low and perhaps most importantly, keeping its shelves full when so much is in short supply.

Target's margins are being pressured, however, and shares slipped early.

Credits

ANNE D'INNOCENZIO, AP Retail Writer

Copyright 2021 The Associated Press. All rights reserved.

Finalizing Superior's 20 year Comprehensive Plan

Tenants have to scramble after flooding due to a broken sprinkler system has displaced them

Will boosters be effective against the new Omicron variant?

Kwik Trip to require pre-pay or pay-at-the-pump

Home in St. Louis County a total loss after fire

Meadows book: Trump tested positive before visiting Duluth