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Last Update: 16-Nov-11 10:54 ET
Target Tops Third Quarter Earnings Expectations
Target (TGT $54.44 +1.26) reported third quarter earnings of $0.87 per share, $0.13 better than the Capital IQ Consensus Estimate of $0.74.
Revenues rose 7.7% year/year to $16.4 billion versus the $16.32 billion consensus.
For the fourth quarter, the company expects to see earnings of $1.43 to $1.53 versus $1.48 Capital IQ Consensus Estimate.
The company reported 4.3% increase in comparable-store sales for the third quarter. Target reported third quarter gross margin rate of 30.5% (retail segment, excludes credit card revs); reported 31.6% last qtr and 32.0% year ago.
In third quarter 2011, the company repurchased ~4.5 mln shares of its common stock at an average price of $50.45, for a total investment of $226 mln. Year-to-date, the co has repurchased ~34.1 mln shares of its common stock at an average price of $50.76, for a total investment of $1.7 bln.
Revenues rose 7.7% year/year to $16.4 billion versus the $16.32 billion consensus.
For the fourth quarter, the company expects to see earnings of $1.43 to $1.53 versus $1.48 Capital IQ Consensus Estimate.
The company reported 4.3% increase in comparable-store sales for the third quarter. Target reported third quarter gross margin rate of 30.5% (retail segment, excludes credit card revs); reported 31.6% last qtr and 32.0% year ago.
In third quarter 2011, the company repurchased ~4.5 mln shares of its common stock at an average price of $50.45, for a total investment of $226 mln. Year-to-date, the co has repurchased ~34.1 mln shares of its common stock at an average price of $50.76, for a total investment of $1.7 bln.
