Dayton Hudson Corp.: The Minneapolis-based parent company...

Dayton Hudson Corp.: The Minneapolis-based parent company of the Target, Mervyn’s and Dayton Hudson department stores reported record third-quarter profit of $64 million, a 54% increase over the 1988 period, on revenue of $3.24 billion. Revenue from the company’s three major divisions increased 16%, and comparable-store revenue was up 8% for the quarter. The company cited Mervyn’s strong sales, improved profit margins and cost controls. Target’s increase was also driven by improved sales. During the quarter, the company opened nine Target stores and three Mervyn’s stores, completing its $700-million expansion and improvement program for the year with 69 store openings. The company also completed the sale of Lechmere.