Target 3Q Earnings Soar on Mervyn’s Sale

Minneapolis, Target Corp. reported earnings of $537 million in the third quarter ended Oct. 30, an increase of 78% when compared with earnings of $302 million in the prior-year period. The results were boosted from the sale of its Mervyn’s department store chain, which added $203 million to the figures. Same-store sales were up 4.5% for the 13-week period while overall sales rose 11% to $10.9 billion.