Minneapolis-based Target Corp. (TGT) reported robust growth in both sales and profitability during its third quarter. With an adjusted earnings per share growth of 105.1 percent, and comparable sales increase of 20.7 percent, the company’s results surpassed analysts’ projections. More than 95 percent of Target’s third quarter sales were fulfilled by its stores. Digital comparable sales grew 155 percent, accounting for 10.9 percentage points of comparable sales growth for the quarter.
Target Corp. reported third quarter adjusted earnings per share of $2.79 compared to $1.36, prior year. On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of $1.60, for the quarter. Analysts’ estimates typically exclude special items.
Target Corp.’s third quarter total revenue was $22.6 billion, up 21.3 percent from last year, driven by sales growth of 21.3 percent and an 18.1 percent increase in other revenue. Analysts expected revenue of $20.93 billion, for the quarter. Comparable stores sales growth was 9.9 percent, for the quarter.
Leading apparel and home fashion retailer TJX Companies, Inc. (TJX) reported third quarter results that significantly exceeded its plans on both the top and bottom lines. The company’s consolidated pretax profit margin was 10.0%, a 0.7 percentage point decrease from prior year as very strong merchandise margin increase was more
than offset by significant operating costs related to COVID-19 and expense deleverage on the year-over-year sales decline.
TJX reported third quarter earnings per share of $0.71 compared to $0.68, previous year. On average, 26 analysts polled by Thomson Reuters expected the company to report profit per share of $0.40, for the quarter.
TJX Companies’ third quarter net sales were $10.12 billion compared to $10.45 billion, previous year. Overall open-only comp store sales were down 5%. Analysts expected revenue of $9.36 billion, for the quarter.
TJX expects to reinstate a quarterly dividend in the fourth quarter of fiscal 2021. The company expects a quarterly dividend on its common stock of $0.26 per share to be declared in December 2020 and payable in March 2021. This would represent a 13% increase in the per share dividend from previous dividend paid in March of 2020.
Home improvement company Lowe’s (LOW) reported third quarter adjusted earnings per share growth of 40 percent year-on-year, but came in below analysts’ estimate. Comparable sales rose 30.1 percent. The company projects total and comparable sales growth of approximately 15 to 20 percent for the fourth quarter.
Lowe’s third quarter adjusted earnings per share was $1.98. On average, 27 analysts polled by Thomson Reuters expected the company to report profit per share of $1.99, for the quarter.
Lowe’s third quarter sales were $22.3 billion compared to $17.4 billion, prior year. Analysts expected revenue of $21.25 billion, for the quarter. Comparable sales for the U.S. home improvement business increased 30.4 percent.
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