November 20, 2018 / 11:55 AM / a month ago

Target 3rd-qtr comparable sales, earnings fall, shares drop 11 pct

Nov 20 (Reuters) - Target Corp reported third-quarter earnings and comparable sales below estimates on Tuesday, at a time when a strong economy has boosted consumer spending at rival retailers, sending its shares down 11 percent in premarket trade.

Sales at stores open at least a year rose 5.1 percent, short of analysts’ estimates of a 5.21 percent increase, according to IBES data from Refinitiv.

Excluding items, Target earned $1.09 per share, below the average estimate of $1.12 per share.

Sales totaled $17.59 billion, below the average estimate of $17.8 billion. (Reporting by Nandita Bose in New York)

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