Target Delivers Stellar Q3 Results, Raises Earnings Estimate
GlobalData Retail Managing Director Neil Saunders says that Target is a retailer that has its act together. That’s high praise in today’s retail environment, but Target has earned it. Investors were expecting strong third-quarter results from Target, and the retailer did not disappoint them. Sales rose 4.7%, and net income rose 14.8%. Shares climbed 8.8% on the good news.
Most everyone expected a good quarter from Target in Q3, and they got an even better one as the retailer’s apparel sales, private label brands, digital channels and store traffic gave the mass merchant another boost.