August 12, 2022

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Target tops earnings estimates, but shares fall as retailer focuses on keeping customer prices low – CNBC

<p>Goal shares fell Wednesday, As a Outcome of the huge-area retailer opted To emphasize its Think a.......

Goal shares fell Wednesday, As a Outcome of the huge-area retailer opted To emphasize its Think about worth as prices of groceries, gasoline and completely different items rise.

The inventory was dpersonal Greater than 5% early Wednesday, regardmuch less of beating earnings expectations for the fiscal third quarter.

Goal CEO Brian Cornell said on a name with reporters that The agency is absorbing A pair of of The extremeer prices It is seeing, pretty than passing them on to clients. That method might squeeze margins.

“We’re defending prices,” he said. “It’s as important to our visitors this yr as safety has been all by way of the pandemic.” 

Goal Chief Progress Officer Christina Hennington acknowledged on an earnings name the strain on the retailer’s margins As a Outcome of the agency tries To maneuver inventory shortly, regardmuch less of current chain challenges. She described that as “an relevant prolonged-time period funding Inside The Reference to our visitors.”

Sees extremeer journey gross sales

Goal primeped analysts’ predictions as gross sales jumped 13% after consumers purchased Halloween costumes, inventoryed up on again-to-school currents and kicked off the Search for journey currents early.

It furtherly raised its fiscal fourth-quarter forecast, predicting comparable gross sales might rise at between a extreme single-digit and low double-digit tempo Inside The journey interval. Beforehand, it estimated a extreme single-digit enhance.

This is what Goal reported for the fiscal third quarter ended Oct. 30, in contrast with Refinitiv consensus estimates:

  • Earnings per share: $3.03 regulateed vs. $2.83, anticipated
  • Income: $25.65 billion vs. $24.78 billion

Internet revenue jumped to $1.49 billion, or $3.04 per share, from $1.01 billion, or $2.01 per share, a yr earlier. Excluding gadgets, the retailer …….

Source: https://www.cnbc.com/2021/11/17/target-tgt-q3-2021earnings.html