NEW YORK – Target Corp. is benefiting from the economic downturn, while other retailers are getting battered by it.
The discounter, based in Minneapolis, on Wednesday posted second-quarter profit and revenue that beat Wall Street estimates in part because of a growing frugal trend among Americans who are concerned with job security and other economic woes.
Target said that while cost-conscious customers in general are making fewer shopping trips overall to save money on gas, they’re increasingly coming into its stores for their one-stop shopping needs.
Target said profit rose 3.7 percent to $704 million, or $1.03 per share, for the quarter that ended July 30. That compares with $679 million, or 92 cents per share, a year earlier. Revenue rose 4.6 percent to $16.24 billion.
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