Target (TGT) Q3 2020 earnings

People wearing masks avoid social disturbances while waiting to enter targets amid the coronavirus epidemic in New York City on May 16, 2020.

Alexey Rosenfeld | Getty Images

The goal is set to report its third quarter earnings on Wednesday before the bell.

According to Refinitive’s estimates, Wall Street expects third quarter of the fiscal year:

  • Earnings per share: $ 1.60, adjusted
  • Revenue: $ 20.93 billion

The national chain has shown strength as the coronovirus epidemic continues to spread in the US as Americans spend more time at home, coming to Target for same-day services that allow them to pick up groceries, home decor , Allow to take workout clothes and more. Or get the purchase delivered to their doorstep by the target-owned distribution company, Shipt.

Target CEO Brian Cornell said the company attracted 10 million new digital customers and $ 5 billion in the market in the first half of the year. Its curbside pickup service, Drive Up, grew more than 700% in the second quarter from a year earlier.

Shipt has also been a development driver. Target sales completed by Shipt grew by more than 350% year-on-year in the second quarter. It plans to add more than 100,000 shoppers during the holiday season – Almost three times the number since the beginning of the year.

As the epidemic continues throughout the holiday season, Target has tried to stand out from other retailers by doubling security and convenience. Last month, the company said it would dedicate twice as many parking spots to curbside pickup. It has added a feature to its website that allows shoppers to check if they have a line outside their store and, if so, reserve a spot ahead of their visit.

With retailers including Walmart and Best Buy, Target will be closed on Thanksgiving and the company will increase its holiday sales online and in stores.

As of Tuesday’s market close, Target shares have gained 27% since the beginning of the year, and are now valued at $ 81.6 billion. On October 20, the stock hit a 52-week high of $ 167.42.

This story is developing. Please check back for updates.

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