MINNEAPOLIS -- Target Corp. here said sales increased during the third quarter and nine months ended Oct. 28, while net income declined in the quarter and rose for the year-to-date.
e year to date.
Net income fell 7.4% to $216 million for the quarter, excluding a $1 million extraordinary charge in the current quarter and a $9 million extraordinary charge in last year's third quarter, both for debt extinguishment; net income for the year to date rose 9.5% to $712 million.
In a conference call with securities analysts, Target reiterated previously disclosed plans to double the number of supercenters to 60 by opening 30 new locations in 2001. Jerry Storch, president, new business and financial services, said the new supercenters will be built "in strong existing Target markets," including Minneapolis, Denver, Indianapolis, Atlanta, Dallas-Fort Worth "and various Florida markets."
Storch said the company is pleased with the performance of its 30 supercenters, including the 14 that opened this year, "and we're confident we can leverage our expertise and continue to deliver improving results."
