By Colin Kellaher

 

Target Corp. on Wednesday posted fiscal third-quarter revenue and earnings that topped Wall Street's expectations.

The Minneapolis retailer reported net income of $1.49 billion, or $3.04 a share, for the quarter ended Oct. 30, up from $1.01 billion, or $2.01 a share, a year earlier.

Excluding items, Target reported an adjusted profit of $3.03 a share for the quarter. Analysts polled by FactSet, on average, were expecting adjusted earnings of $2.82.

Revenue rose 13.3% to $25.65 billion, topping the $24.61 billion Wall Street was looking for. Comparable sales rose 12.7%, with growth driven entirely by a rise in customer traffic, easily surpassing expectations for a gain of 8.2%.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

November 17, 2021 06:48 ET (11:48 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
Target (NYSE:TGT)
Historical Stock Chart
From Dec 2021 to Jan 2022 Click Here for more Target Charts.
Target (NYSE:TGT)
Historical Stock Chart
From Jan 2021 to Jan 2022 Click Here for more Target Charts.