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'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.
This is a recap only of this full article on RetailDive.com.