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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.
Lowe's said earnings for the three months ending on November 1 came in at $1.41 per share, up 35.6% from the same period last year and firmly ahead of the Street consensus forecast of $1.35 per share. Group revenues, Lowe's said, were largely flat from last year at $17.4 billion, but fell just shy of analysts' estimates of a $17.68 billion tally.
Lowe's also said it expects full-year earnings in the range of $5.63 to $5.70 per share, up from a prior forecast of $5.45 to $5.65 per share, and reiterated its forecast of full-year comparable sales growth of around 3%.
"We were pleased with the performance of our U.S. home improvement stores, which reflects a solid macroeconomic backdrop and continued progress in our transformation driven by investments in customer experience, improved merchandise category performance, and continued growth of our Pro business," said CEO Marvin Ellison. "Due to improved execution, we delivered strong earnings per share growth, and as a result, we are raising our adjusted earnings per share and adjusted operating income guidance for 2019."
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