Target Corp.'s third quarter (Q3) earnings may have fallen short of analysts’ expectations a little, but its sales growth potentially speaks to the retail giant’s strength in an industry where competition is only getting intense.
Target's adjusted earnings-per-share came in at $1.09 for the quarter, up 20.2% from the year-ago period. Its missed estimates by 3 cents a share.
Same-store sales increased +5.1%, while comparable traffic growth was +5.3%. Its online sales surged +49% - adding 1.9 percentage points to comparable sales growth. Target’s total sales of $17.82 billion in Q3 topped analysts’ expected $17.80 billion.
What’s more, the retailer seems to be upping the “Target” for the holiday season, by offering free two-day shipping on all orders from November 1 to December 22. It is the second-largest department store retailer in the U.S., after Walmart.