Target Corp. (NYSE: TGT) on Wednesday delivered third quarter earnings and sales that topped analysts’ estimates, sending shares up more than 9% at market open.
The retailer said revenue grew 4.7% year-over-year to USD 18.67 Billion, beating expectations of USD 18.49 Billion. Adjusted earnings were USD 1.36 per share, up nearly 25% year-over-year from USD 1.09 per share. Wall Street had been calling for earnings of USD 1.19 per share.
Target also posted better-than-expected same-store sales growth. Sales at stores open at least 12 months grew 4.5% compared to 3.6% expected.
The company said digital sales surged 31% during the quarter, with its same-day delivery options including buy online, pick up in store and curbside pickup accounting for 80% of digital sales growth.
Traffic during the third quarter was up 3.1% and the average transaction amount grew 1.4%.
In preparation for the holiday season, Target said it is adding nearly USD 50 Million in payroll compared to the year prior and doubling the number of people fulfilling online orders.
For the fourth quarter, Target expects comparable sales growth of 3% to 4% and adjusted earnings of USD 1.54 to USD 1.74 per share.
Target is forecasting full-year adjusted earnings per share to fall within a range of USD 6.25 to USD 6.45, compared with a prior estimate of USD 5.90 to USD 6.20. Analysts had been calling for earnings per share of USD 6.18.
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