Target Q3 profits top Street view, Q4 outlook in line with estimates
Target ( NYSE:TGT ) said Wednesday its third quarter earnings rose nearly 30 percent on a per-share basis, beating Street estimates, as the company released its fourth quarter guidance in line with expectations.
The Minneapolis, Minnesota-based company said it expects earnings between $1.43 and $1.53 per share for the fourth quarter, in line with analysts' $1.48 per share estimate.
For the three months that ended October 29, the retail giant posted net income of $555 million, or $0.82 per share, up from $535 million, or $0.74 per share, a year ago.
Adjusted for certain items related to the company's highly-anticipated expansion into Canada, earnings rose to $0.87 per share, topping the $0.74 per share profits that analysts expected, according to Bloomberg Businessweek.
Revenues rose five percent to $16.4 billion, from $15.6 billion in the same period last year. Analysts had anticipated $16.3 billion in sales.
"We’re very pleased with our third quarter financial results, which reflect strong performance in our U.S. Retail and U.S. Credit Card segments," commented president and CEO, Gregg Steinhafel.
"We’re confident that we have the right strategy and team in place to drive continued strong performance this holiday season and well into the future, allowing us to continue rewarding our shareholders while investing millions of dollars each week to support the many local communities where our guests and team members live, work and shop."
Target's U.S. retail segment posted revenues of $16.1 billion, up over five percent year-over-year. Comparable store sales, or those of locations open at least one year, rose 4.3 percent, compared to a 1.6 percent increase in the same period a year ago.
Gross margins, however, fell ten basis points to 30.5 percent, largely on the impact of the company's integrated growth strategies, which were partially offset by rate improvements within categories, the company said.
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as provisions for credit losses, or the money Target sets aside to cover bad loans, decreased to $40 million, from $110 million a year ago, driven by improved trends in key risk measures, it said. The company's Canadian segment ended the quarter
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More Americans opened credit union accounts last month than did so in all of 2010. That amounted to some $4.5 billion now available for housing and auto loans and investment in small businesses instead of being gambled on the securitized futures of
By the end of 1935, however, federal policy thinking had come to focus on a "National Loan Council," which, not unlike the proposed European Financial Stability Facility, would have issued new, federally guaranteed bonds to replace bad bonds.
At the end of the third quarter, the Company operated a total of 2246 retail stores in all 50 states, the District of Columbia, Puerto Rico, US Virgin Islands, Guam, 10 Canadian provinces, Mexico and China. The Company employs more than 300000
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