Target Corp. (NYSE: TGT) on Wednesday reported higher earnings and revenues for the third quarter of 2021. The numbers also exceeded the market’s prediction.
Third-quarter adjusted earnings rose to $3.03 per share from $2.79 per share in the prior-year period and topped analysts’ expectations. Unadjusted profit was $1.49 billion or $3.04 per share, compared to $1.01 billion or $2.01 per share in the third quarter of 2020.
The bottom-line growth was driven by a 13.3% increase in net sales to $257 billion. Market watchers were looking for a slower growth.
Target’s shares dropped early Wednesday soon after the earnings announcement, after closing the previous session higher.
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