Target expects to post its best like-for-like sales in three years over the festive period. The discount chain said the strong performance of its credit card business in its third quarter was expected to lure more shoppers during the holiday season, with a new offer set to give its credit card shoppers 5% off all purchases. The retailer's shares rose 3.4% as it announced a rise in third-quarter profits to $535m, up from $436m a year earlier.
FRANCE: Lactalis has launched a 1.3bn takeover bid for domestic dairy rival Yoplait. The maker of Président Camembert said a deal would help it forge "a great French champion in world dairy". The company hopes its French background will give it an advantage over foreign bidders, with General Mills which runs the Yoplait franchise in the US linked to an approach in September.
THE NETHERLANDS: Ahold has blamed higher taxes for a 4.4% fall in third-quarter profits, despite growing sales over the period. The international supermarket group reported net profit of 233m, down from 244m, and said the fall was because it could no longer claim tax benefits from previous losses. It paid 49m in taxes this quarter compared with 1m in the same period a year ago.
CANADA: Loblaw has reported a 1.3% increase in third-quarter sales to $9.6bn. Like-for-like sales fell 0.4% in the three months to 9 October and food sales were flat. "The company continues to make progress towards the final stages of its renewal programme in a market which remains highly competitive and under deflationary pressures," said chairman Galen Weston.
RUSSIA: X5 Retail Group has launched a new retail format called Pyaterochka-Maxi, an "economy class" hypermarket that will sell food and non-food items to retail and wholesale customers.