Target reported second-quarter earnings and sales - both of which surpassed analysts’ expectations.
The retail giant’s earnings per share for the quarter came in at $1.82 (from the year-ago quarter’s $1.47), beating the $1.62 expected by analysts polled by Refinitiv.
Revenue of $18.42 billion, too, exceeded analysts’ estimates of $18.34 billion.
Same-store sales grew +3.4%, compared to 2.9% growth expected by analysts.
Looking ahead, Target boosted its outlook on full-year earnings. It now expects to earn between $5.90 and $6.20 a share, compared to its previous forecast of per-share earnings of between $5.75 and $6.05. Analysts polled by FactSet were expecting full-year per-share earnings of $5.94 a share on sales of $78 billion.
While its physical stores showed a strong performance, Target (along with several traditional retailers) are apparently working on making shopping more convenient and attractive to consumers. They are heavily investing in their digital presence and trying to speed up shipping times.