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October comps up 2.4% at Target
A 2.4% same-store sales increase during October was toward the low end of Target’s expectations, but it wasn’t enough to prevent the company from achieving its guidance for the third quarter.
Target reported that its net retail sales for the four weeks ended Oct. 27 were nearly $5 billion, a 3% increase from $4.8 billion reported during October 2011. The 2.4% comp increase was on top of a prior year gain of 3.3%.
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Target to sell credit card business to TD Bank
Minneapolis -- Target Corp. said Tuesday it will sell its $5.9 billion credit card portfolio to TD Bank Group.
The business will be sold for an amount equal to the gross value of the outstanding receivables at the time of closing, said Target; the portfolio currently has a gross value of about $5.9 billion.
TD Bank also agreed to a seven-year deal to underwrite, fund and own the retailer’s future credit card and Visa receivables in the U.S.