Target Corp TGT is trading lower Wednesday despite the company reporting better-than-expected third-quarter financial results.
Target reported quarterly adjusted earnings of $3.03 per share, which beat the estimate of $2.83 per share. The company reported quarterly revenue of $25.29 billion, which beat the estimate of $24.78 billion.
Target said that all five of its core merchandise categories delivered double-digit comparable sales growth, on top of strong sales performance last year.
Target expects fourth-quarter comparable revenue growth to be in the high-single-digit to low-double-digit range.
"Following comp growth of nearly 21 percent a year ago, our third quarter comp increase of 12.7 percent was driven entirely by traffic, and reflects continued strength in our store sales, same-day digital fulfillment services and double-digit growth in all five of our core merchandising categories," said Brian Cornell, chairman and CEO of Target.
TGT Price Action: Target has traded as high as $268.98 and as low as $160.51 over a 52-week period.
The stock was down 5.23% at $252.31 at time of publication.
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