Target Beats Third Quarter Estimates

Retailer gains market share, sees significant growth
Posted November 18, 2020

Target (Minneapolis) released third quarter earnings that exceeded analyst estimates thanks to the retailer’s ability to react to evolving shopper behavior due to the pandemic, reports CNBC. Year to date, Target has gained $6 billion in market share, with $1 billion realized in the third quarter.

Both e-commerce and store Q3 sales increased 20.7 percent, with same-store sales growing an impressive 9.9 percent. Classification as an essential retailer allowed Target’s approximately 1900 U.S. stores remained open during the pandemic.