One of Walmart’s competitors – Target reported Q3 2020 earnings that beat every expectation.
In Q3, Target had a $1.01 billion net income, considerably higher than the $714 million posted in Q3 2019. The EPS came in at $2.79, ahead of the $1.60 forecasted.
The company’s revenue surged 21% in the quarter to $22.63 billion, topping the $20.93 billion consensus. Also, it came in higher than last year’s $18.67 billion.
Moreover, its curbside pickup service – Drive Up surged more than 500% in Q3. At the same time, the same-store sales went up 9.9%.
To secure its spot in the beauty and apparel sectors, Target will open more than 100 smaller versions of Ulta Beauty shops inside its stores.
Now, Target is looking forward to the upcoming holiday season and expects the sales to grow as people are to decorate their homes and buying gifts for their loved ones.
Following the report, Target stock price gained 3%.