November 20, 2019
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.
52 week low/high
Costco Shares Surge As Coronavirus Outbreak Causes Stockpiling Rush
After the coronavirus outbreak reached the U.S. nervous customers started loading up on goods, which caused Costco Wholesale Corporation's (NASDAQ: COST) stock to climb. Stock of the wholesale Chain was up 6% in the stock market today. Costco is...
Disney Shares Fall After CEO Iger Announces to Step Down
The Walt Disney Company (NYSE: DIS) Board of Directors announced that Robert A. Iger is stepping down from his position as CEO after 15 years, effective immediately, and the Company’s shares started tumbling. “With the successful launch of...
Simon Property Group to Acquire REIT Taubman Centers
On Monday, Simon Property Group Inc. (NYSE: SPG) announced it has agreed to acquire real-estate investment trust Taubman Centers Inc. (NYSE: TCO) in an all-cash deal valued at USD 3.6 billion. Taubman shares surged 53% early Monday. This year,...