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11/20/2019, 12:32 PM (Source: TeleTrader)
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Target outperforms in Q3, reports EPS of $1.36, up 25% YoY

Target Corporation said in its third quarter earnings reports on Wednesday that diluted earnings per share landed at $1.36, rising 24.9% year-over-year and beating expectations, on attributable net income of $714 million, a 14.4% jump compared to last year's $622 million.

Meanwhile, the company's top line grew by 4.5% to reach $18.6 billion compared with the same quarter a year ago when it stood at $17.8 billion.

Apart from beating earnings estimates, the retailer raised its full-year adjusted earnings per share guidance from $5.90-6.20 to a range of $6.25 to $6.45.

"Our third quarter results are further proof of the durability of our strategy, as we're seeing industry-leading strength across multiple metrics, from the top line to the bottom line," CEO Brian Cornell said. "Looking ahead, we have ushered in the holiday season with an unwavering commitment to guest service that complements our highly differentiated, value-driven assortment, our exceptional in-store shopping experience as well as an unmatched suite of easy and convenient fulfillment options," he stressed.

Target's shares surged 9.18% in premarket trade following the release of the earnings report.

Breaking the News / GG