Target Corp (NYSE: TGT) said on Wednesday that its net income in the fiscal third quarter came in at £760 million that translates to £1.51 per share. In the comparable quarter of last year, it had reported £537.27 million of net income or £1.05 per share.
Target was reported about 1.2% up in premarket trading on Wednesday. It is now exchanging hands at £122.24 per share. In comparison, the stock had plummeted to as low as £68.51 per share in the last week of March, as COVID-19 restricted people to their homes. Target shares were trading at a per-share price of £94.87 at the start of the year.
Target’s Q3 financial results versus analysts’ estimates
On an adjusted basis, Target earned £2.10 per share in Q3 that represents an over 100% annualised growth. FactSet Consensus for adjusted EPS for the American retail company stood at a much lower £1.20. In separate news from the U.S., home improvement retailer, Lowe’s, also published its quarterly financial results on Wednesday.
In terms of revenue, Target posted £17.03 billion in the recent quarter versus the year-ago figure of £14.05 billion. According to FactSet, experts had forecast the Minneapolis-based company to report a lower 15.63 billion of revenue in Q3.
Target said that its comparable sales saw a 20.7% year over year increase in the third quarter. Digital comparable sales, it added, were 155% higher than last year while store comparable sales also jumped 9.9%. The 8th largest retailer in the U.S. also highlighted on Wednesday that over 95% of its sales in Q3 were filled by stores. In comparison, analysts had expected an 11.2% growth in Target’s quarterly comparable sales, as per FactSet.
