Target raises outlook, boosted by online and back-to-school sales

Target's traffic and sales improved “meaningfully” in the third quarter, thanks to an "unexpectedly" strong back-to-school season, CEO Brian Cornell said in a press release Wednesday.

Target models having fun in a winter wonderland setting, with one of the models wearing a skirt that resembles Target's logo.

Target's Q3 sales decreased 6.7% to $16.4 billion, down from $17.6 billion last year, but same-store e-commerce sales grew 26%, contributing 0.7 percentage points to same-store sales growth. Same-store sales declined 0.2%, near the high-end of the guidance range of flat to down 2%. 

In reflection of the positive quarter results, Target raised its estimates for adjusted earnings per share to $3.46 to $3.48, from its prior guidance of $3.39 to $3.43. 

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