Target (TGT) shares are slightly up at today’s early premarket, adding a mere 0.17% at the time of writing. Target Corp. yesterday, on November 15, released its Q3 results, reporting revenue of $25.4 billion, compared with $26.5 billion in the same quarter of 2022, representing an annual decrease of 4.2%.

Net income stood at $971 million, however, up 36.3% from $712 million in 2022. Diluted earnings per share were $2.10, posting an increase of 36.3% from $1.54 in the same period. Operating income was $1.3 billion, up 28.9% from $1.0 billion. Comparable sales fell 4.9% in Q3 2023, while total sales fell 4.3% YoY.

“While third-quarter revenue was in line with our expectations, earnings per share were well above our guidance,” CEO Brian Cornell pointed out during the conference call. Despite negative news earlier this year about the company's high retail theft rates, poor store performance and social media influence, Target has continued to outperform a long list of retailers, including Dollar Tree (DLTR), Dollar General (DG), Foot Locker (FL), Children's Place (PLCE), Bath & Body Works (BBWI), Ulta Beauty (ULTA), Best Buy (BBY) and Big Lot (BIG). Interestingly, Target's discretionary inventory fell 19%, indicating the company is making progress in adjusting its inventory without having to resort to incremental price cuts and promotions.