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In the second quarter, Target used $717 million to capital investment, paid dividends of $331 million. The chain also expects both third and fourth quarter comparable sales growth to be within the same range as second quarter results.
“I want to thank the team for their strong execution in the second quarter, which drove broad-based improvement in Target’s performance. In particular, we are pleased that second-quarter traffic increased more than 2 percent, reflecting growth in both our store and digital channels,” said Brian Cornell, chairman and CEO of Target.
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Target announced earlier this year that it would invest billions of dollars in the next three years to renovate and redesign existing stores. The retailer said it would open its first “reimagined” store in the Houston, Tex. suburb of Richmond. The redesign could hit 600 stores by 2019, Cornell said.
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