The pending sale of Target's credit card business helped boost the company's third-quarter net income. For the three month period that ended Oct. 27, the Associated Press reports Target earned $637 million. That's up 15 percent from $555 million in the same quarter last year.
"We’re pleased with Target’s third-quarter financial performance, which reflects superb execution across each of our business segments. We are well-positioned to deliver strong fourth-quarter performance," CEO Gregg Steinhafel said in a news release.
Target reached a deal to sell its consumer credit card portfolio to Toronto-based TD Bank Group for $6 billion in October.
The Minneapolis-based cheap-chic chain is upbeat about the fourth quarter as it heads into the holiday shopping season. For the first time, Target will price match select online competitors through Dec. 16. The big-box retailer is also teaming up with luxury department store Neiman Marcus for a limited edition holiday collection.
Earlier this week, Target has confirmed its stores will open at 9 p.m. on Thanksgiving — three hours earlier than a year ago — to give “guests a more convenient way to create an after-dinner shopping event that the entire family can enjoy.”
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