Target Corporation (NYSE:TGT) shares soared as the retailer’s stellar second-quarter results outperformed earnings and sales expectations and prompted an optimistic boost to its full-year profit outlook.
Quarterly adjusted earnings per share totaled $2.57 (+40%), beating the street view of $2.20. Target reported sales of $25.45 billion (+2.7%), exceeding the analyst consensus of $25.229 billion.
“Our growth was driven entirely by traffic in stores and our digital channels, with double-digit growth in our same-day delivery services,” said Brian Cornell, chair and chief executive officer of Target.
In the second quarter, Target reported a 2% increase in comparable sales, reaching the high end of the company’s expectations.
Traffic grew by 3% compared to the previous year, with all six core merchandising categories experiencing traffic growth.
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