5 Notable Quarterly Reports to Watch

2. Target Corporation (NYSE:TGT)

Number of Hedge Fund Holders: 66

Shares of Target Corporation (NYSE:TGT) slipped nearly five percent on Wednesday, 17 November 2021, despite beating profit and sales expectations for the third quarter. The Minneapolis-based retail giant earned $3.03 per share on an adjusted basis, compared to $2.79 per share in the same period of 2020.

Revenue came in at $25.65 billion versus $22.63 billion in the year-ago quarter. Analysts were expecting Target Corporation (NYSE:TGT) to post earnings of $2.82 per share on revenue of $24.61 billion.

Comparable sales in the quarter increased 12.7 percent, with comparable-store sales growing 9.7 percent and comparable digital sales growing 29 percent on a year-over-year basis.

Looking forward, Target Corporation (NYSE:TGT) now expects its comparable sales to grow in the range of high-single-digit to low-double digits. Previously, it was expecting comparable sales growth of high-single digit.

Speaking on the results, CEO Brian Cornell said:

“The consistently strong growth we’re seeing in our business, quarter after quarter, is a testament to the passion and commitment our team brings to serving our guests, and the trust we’ve built with them as a result.”