Target shares hit a record high after the store posted stronger-than-expected Q3 earnings and sales ahead of the holiday shopping season.
The big-box retailer also raised its profit outlook for the full year, ahead of the all-important holiday shopping season.CEO Brian Cornell said the results are "further proof of the durability" of Target's investment strategy, as the retailer has an "unmatched suite of easy and convenient fulfillment options."
Here's what Target reported for its fiscal third quarter compared with what analysts were expecting, based on Refinitiv data:Revenue: $18.67 billion vs. $18.49 billion expectedTarget now expects full-year adjusted earnings per share to fall within a range of $6.25 to $6.45, compared with a prior estimate of $5.90 to $6.20. Analysts had been calling for earnings per share of $6.18.
Net income during the period ended Nov. 2 grew to $714 million, or $1.39 per share, compared with $622 million, or $1.17 per share, a year ago. Excluding one-time items, Target earned $1.36 per share, beating expectations for $1.19 a share, based on an analyst survey by Refinitiv. Total revenue grew 4.7% during the quarter to $18.67 billion from $17.82 billion a year earlier, beating expectations for $18.49 billion.
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Target soars 12% after crushing earnings and raising its full-year profit outlook'Our third quarter results are further proof of the durability of our strategy,' said Target CEO Brian Cornell.
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