This article was last updated on April 16, 2022
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A statement issued by the Minneapolis-based company, Target Corp., has confirmed that its third-quarter earnings have surpassed all analysts’ estimates due to an apparent increase in U.S. sales and reduction in its money-losing expansion into Canada.
The company announced that its earnings amounted to 54 cents a share, whereas on the other hand, analysts were expected an increase of 47 cents on average in light of the data compiled by Bloomberg. U.S. comparable-store sales increased 1.2 percent in the period, which ended Nov. 1, helped by online orders. Meanwhile, Target had also projected growth of as much as 1 percent, signaling the company’s recovery under new Chief Executive Officer, Brian Cornell, i.e. a former PepsiCo Inc. (PEP) executive who took the reins at Target in August. Cornell has been working day and night to boost U.S. traffic, repair the company’s botched expansion into Canada and regain shoppers’ trust after hackers stole millions of customers’ credit-card numbers last year.
An analyst at Robert W. Baird & Co., Peter Benedict, mentioned before the announcement that “expectations are rising, so CEO Brian Cornell’s ability to outline a credible plan for sustainable improvement will be key.” The shares increased up to as much as 3.8 percent to $70.05 in early trading. The stock had gained 6.7 percent this year through yesterday, trailing the 11 percent advance of the Standard & Poor’s 500 Index. Meanwhile, Wal-Mart Stores Inc. (WMT) is up 6.5 percent so far in 2014.
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