Target’s online business flourishes
Retailer’s digital sales rose 31% during the quarter, shares jump 14%, to all-time highs
Stocks impacted: Target Corporation (TGT)
Target reported third-quarter earnings that beat investor expectations, with same store sales showing growth by 4.5% versus expectations of a 3.5% rise. Now, the company has ten straight quarters of same-store sales growth. The adjusted earnings per share came in at $1.36 versus $1.19 expected, while revenue increased by $18.67 billion, also higher than expected. Meanwhile, digital sales rose 31% during the quarter. Moreover, the retailer also raised its full-year profit outlook. It now expects full-year adjusted earnings per share of $6.25 to $6.45, up from $5.90 to $6.20. Investors sheered the report, with the stock rallying by 14% during the session, to all-time highs. The company’s shares are up more that 65% since the start of the year.
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