Target CEO Steinhafel nets $6.2 million in stock sale

Target Corp. CEO Gregg Steinhafel made a tidy little sum, almost $6.2 million, last week when he exercised his option to buy 200,000 shares of Target stock at $33.80 per share and sell them for $64.57 per share, according to documents filed with the U.S. Securities and Exchange Commission, the Business Journal reports. Steinhafel was exercising shares granted him in 2009, when the stock price was $33.80.
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Target Corp. CEO Gregg Steinhafel made a tidy little sum, almost $6.2 million, last week when he exercised his option to buy 200,000 shares of Target stock at $33.80 per share and sell them for $64.57 per share, according to documents filed with the U.S. Securities and Exchange Commission, the Business Journal reports. Steinhafel was exercising shares granted him in 2009, when the stock price was $33.80.

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Target executives net millions as stock soars

Shares for the Minneapolis-based discount retailer have surged 130 percent since late 2009 -- up 20 percent since the beginning of 2012. The Star Tribune writes Target's P-Fresh grocery format, Red Card program and exclusive merchandising partnerships have led to higher traffic and bigger purchases per visit. Four top executives, including CEO Gregg Steinhafel, have reaped millions of dollars by selling some shares.

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Target Corp. says its same-store sales grew 2.4 percent in October, Forbes reports. Analysts were projecting same-store sales growth of 3.3 percent last month. The Minneapolis-based discount giant's total sales climbed 3 percent to $4.98 billion in October.

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