Target Stock: Jim Cramer Says 'Now' Is Time to Buy
Target (TGT) - Get Free Report posted earnings on Wednesday that showed same-store growth as millions of Americans focus on online shopping during the ongoing COVID-19 pandemic.
Target said adjusted earnings for the three months ending in October were pegged at $2.79 per share, a 105% increase from the same period last year that smashed Wall Street consensus forecast of $1.60 per share. Group revenues rose 21.3% to $22.63 billion, again topping analysts' estimates of a $20.9 billion tally.
The retailer said same-store sales rose 9.9%, with overall comparable sales, including digital channels, rising 20.7%, well ahead of the Refinitiv forecast of 11.3%. Comparable digital sales rose 155% from last year as online shopping continued to drive transactions amid the coronavirus pandemic.
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