Target (NYSE: TGT) reported Q3 EPS of $1.36, $0.17 better than the analyst estimate of $1.19. Revenue for the quarter came in at $18.7 billion versus the consensus estimate of $18.49 billion.

Third quarter comparable sales grew 4.5 percent, on top of 5.1 percent last year, meaning that comparable sales have risen nearly 10 percent over the last two years.

Brian Cornell, chairman and CEO of Target, said "The Target team did an excellent job serving our guests and executing our strategy throughout the third quarter. Our third quarter results are further proof of the durability of our strategy, as we're seeing industry-leading strength across multiple metrics, from the top line to the bottom line. Looking ahead, we have ushered in the holiday season with an unwavering commitment to guest service that complements our highly differentiated, value-driven assortment, our exceptional in-store shopping experience as well as an unmatched suite of easy and convenient fulfillment options."

GUIDANCE:

Target sees FY2019 EPS of $6.25-$6.45, versus the consensus of $6.18.

• For the fourth quarter, Target expects comparable sales growth of 3 to 4 percent, and GAAP EPS from continuing operations of $1.55 to $1.75 and Adjusted EPS of $1.54 to $1.74. For the full year, the Company now expects GAAP EPS from continuing operations of $6.27 to $6.47 and Adjusted EPS of $6.25 to $6.45, compared with the prior range of $5.90 to $6.20. The difference between the GAAP and Adjusted ranges reflect an expected $0.01 impact from a discrete item in the fourth quarter and the $0.01 difference recognized through the third quarter.
• Fourth quarter and full-year 2019 GAAP EPS from continuing operations may include the impact of additional discrete items which will be excluded in calculating Adjusted EPS.
• The Company announced today that it plans to issue a post-holiday financial update on Wednesday, January 15, 2020.

Commenting on the quarter, BMO Capital analyst Kelly Bania called the results "very strong". She noted strong comp sales and gross margins that resulted in higher-than-expected EPS. Further, full-year 2020 EPS guidance as raised 5% at the mid-point.

For earnings history and earnings-related data on Target (TGT) click here.

(updated at 8:36AM ET to add analyst comments)