In the third quarter, Target Corporation (TGT) experienced a decline in profits compared to the previous year, failing to meet Wall Street expectations. The company's net income was reported at $854 million, or $1.85 per share, down from $971 million, or $2.10 per share, recorded during the same period last year.
On average, analysts had forecasted earnings of $2.30 per share, based on data from Thomson Reuters, typically excluding any special items. Despite the profit decline, Target's revenue saw a slight increase of 0.9%, rising to $25.228 billion from $25.004 billion the previous year.
A brief overview of Target Corp.'s third-quarter results under generally accepted accounting principles (GAAP) is as follows:
- Net Income: $854 million, compared with $971 million last year.
- Earnings Per Share (EPS): $1.85, compared with $2.10 last year.
- Total Revenue: $25.228 billion, compared with $25.004 billion last year.
Looking ahead, the company has provided earnings per share (EPS) guidance for the upcoming quarter in the range of $1.85 to $2.45, with full-year expectations between $8.30 and $8.90.
