Target enters the holiday season strong
Posted Nov 20, 2019 04:50:14 AM.
MINNEAPOLIS — Target is reporting another quarter of strong sales and profits and raising its outlook as it pushes faster delivery and new store brands.
The discounter said Thursday that third-quarter comparable sales, which also include online sales, rose 4.5%. That reflects a 2.8% growth in stores open at least a year. Third quarter online sales rose 31%.
Profit was $714 million, or $1.39 per share. Earnings, adjusted to account for discontinued operations and non-recurring gains, came to $1.36 per share, easily beating Wall Street per-share expectations for $1.19.
Revenue was $18.67 billion, also topping projections.
Shares of Target Corp. are up almost 10%.
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Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TGT at https://www.zacks.com/ap/TGT
The Associated Press