Target's Strong Back-To-School Sales Boosts Q3 Earnings

Shares of Target Corporation TGT gained more than 6 percent early Wednesday morning after the company reported its third quarter results.

  • EPS of $1.04 beat estimates by $0.21 per share.
  • Revenue of $16.44 billion was$0.14 billion more than expected.
  • Comparable store sales fell 0.2 percent versus management's guidance of flat to down 2 percent.
  • Digital channel sales rose by 26 percent.
  • Management cited "unexpectedly strong sales" in back-to-school category.
  • Company returned $1.2 billion to shareholders through dividends and share repurchases.

Outlook

  • Target expects Q4 comparable sales to be in the range of negative 1.0 percent to positive 1.0 percent.
  • Target previously guided its Q4 comparable sales to be negative 2 percent to flat.
  • Target guided its Q4 EPS to a range of $1.55 to $1.75 versus consensus estimate of $1.60.
  • Target revised its full year 2016 EPS to a range of $4.67 to $4.87 from a prior range of $4.36 to $4.75.
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Posted In: EarningsNewsGuidanceBack to SchoolretailersTargetTarget Earnings
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