Target comp sales, traffic and digital sales grow in Q3

At Minneapolis-based Target Corp., third quarter comparable traffic grew 1.4 percent, while comparable sales increased 0.9 percent, according to the retailer’s Q3 earnings report.

Comparable digital channel sales increased 24 percent, on top of 26 percent growth in third quarter 2016.

In the third quarter, Target devoted $847 million to capital investment, paid dividends of $339 million, and returned $171 million through share repurchases.

“We’re very pleased with Target’s third-quarter performance, including traffic and sales growth that demonstrate we’re building on the progress we saw in the first half of the year,” said Brian Cornell, Target’s chairman and CEO. “The investments we’re making in our business will help Target drive long-term success and ensure we’re well-positioned to deliver for guests in the all-important holiday season.”

Private and exclusive brands are an important part of the company’s growth strategy, Cornell stated.

“Our assortment now includes thousands of new items from the eight exclusive brands we’ve launched throughout 2017, including Hearth and Hand with Magnolia, our new home goods partnership with Chip and Joanna Gaines,” he said.

Other recently launched Target private brands include A New Day, a mix-and-match women’s brand; Goodfellow & Co., a “modern-meets-classic” men’s brand; Project 62, a modern home décor brand; and JoyLab, an activewear brand inspired by street fashion.

“Guests this holiday season will experience elevated in-store service reflecting our investments in wages, training and additional hours for our team, and they’ll find more value than ever before through a combination of being priced right daily and offering impressive deals,” Cornell added.