Target tames global supply backups; sales surge 13.2% in Q3

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Target delivered another quarter of strong results, overcoming a slew of challenges from inflationary pressures to congested ports. Third-quarter profits rose nearly 47%, while sales increased 13.2%, both exceeding expectations, and the Minneapolis company raised projections for fourth-quarter comparable store sales. Target joins Walmart heading into the holiday shopping season with momentum. The biggest U.S. retailers are rerouting goods to less congested ports, even chartering their own vessels. Target and Walmart are using their scale to keep prices comparatively low and perhaps most importantly, keeping its shelves full when so much is in short supply. Target’s margins are being pressured, however, and shares slipped early.