Target posts second-quarter profits that are well above Wall Street estimates. As Americans are becoming more frugal in their spending habits, they are also looking for the best one-stop shops to supply most if not all of their consumer needs. Target’s recent expansion into grocery items and produce may also be boosting overall sales.
The Minneapolis company said profits rose 3.7% to $704 million for the quarter ending July 30th. That’s higher than the $679 million mark of one year earlier. At stores open at least one year, revenue increased 3.9%. Target said shoppers are now purchasing more clothing, home furnishings, groceries, and beauty products.
With discounted merchandise and custom “Target” brands, this one-stop shop packs a punch.