Target earnings exceed estimates
Nov 18, 2020
Minneapolis-based Target Corp. (TGT) reported robust growth in both sales and profitability during its third quarter. With an adjusted earnings per share growth of 105.1 percent, and comparable sales increase of 20.7 percent, the company's results surpassed analysts' projections. More than 95 percent of Target's third quarter sales were fulfilled by its stores. Digital comparable sales grew 155 percent, accounting for 10.9 percentage points of comparable sales growth for the quarter.
Target Corp. reported third quarter adjusted earnings per share of 2.79 compared to 1.36 dollars, prior year. On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of 1.60 dollars, for the quarter. Analysts' estimates typically exclude special items.
Target Corp.'s third quarter total revenue was 22.6 billion dollars, up 21.3 percent from last year, driven by sales growth of 21.3 percent and an 18.1 percent increase in other revenue. Analysts expected revenue of 20.93 billion dollars, for the quarter. Comparable stores sales growth was 9.9 percent, for the quarter.(DPA)
Photo: Target Facebook