TARGET RESULTS FOR 3Q
The company's revenue declined 4.3% year-over-year to $25 billion, but still beat the analyst consensus of $24.88 billion. Similarly, comparable sales weakened by 4.9% y-o-y, but analysts expected a 5.22% decline. Comparable online sales weakened slightly more, down 6% y-o-y against estimates of a 10.3% decline.
Operating EBITDA was USD 2.06 billion in the third quarter, compared to market estimates of USD 1.67 billion.
Target reported an operating margin of 5.2%, beating the average analyst estimate of 3.94%.
Average transaction volume declined 0.8% year-over-year, less than the average analyst expectation of -1.37%.
Inventory declined 14% year-over-year, which helped the higher-than-expected earnings per share result ($2.10 vs. $1.47).