For the third quarter, ending 28 October, 2023, US retailer, Target posted sales of $25.4 billion, a fall from $26.52 billion in Q3 2022.
Net income for the period increased 36% to $971 billion. Despite the fall in sales, the results exceeded analyst expectations, thanks to purchases of a new kitchenware brand, as well as autumn fashion and accessories, which all improved the discretionary category compared to Q2.
The new private label kitchenware brand is called Figmint and is the first owned brand in the category from Target. The collection comprises of 250 items from cookware to bakeware, chopping boards and SDA. Prices range from $3 and over half of the range is under $10.
Figmint launched in September and Target’s evp and chief merchandising officer, Jill Sando, commented: “What I love about Figmint is that this brand meets so many different guest needs. It’s beautiful design at amazing prices. From product to packaging, the collection makes the kitchen more accessible to every home cook.”