Target 3Q Profit, Revenue Surpass Expectations
November 17 2021 - 7:03AM
Dow Jones News
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.
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