How Target Managed to Hit the Bullseye
Target (TGT) - Get Free Report reported earnings before the bell Wednesday.
Target said adjusted earnings for the three months ending on November 2 came in at $1.36 per share, up 24.7% from the same period last year and well ahead of the Street consensus forecast of $1.19 per share. Group revenues, Target said, rose 4.9% to $18.7 billion, while same-store sales rose 4.5%, both figures topping analysts' forecasts.
Target also boosted its full-year adjusted earnings forecast, and now expects a range of $6.25 to $6.45 per share, up from its prior forecast of $5.90 to $6.05 per share.
"The Target team did an excellent job serving our guests and executing our strategy throughout the third quarter. Our third-quarter results are further proof of the durability of our strategy, as we're seeing industry-leading strength across multiple metrics, from the top line to the bottom line," said CEO Brian Cornell.
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