Target Corp. earnings surpassed analysts’ expectations for the first quarter. The retail behemoth also reiterated its guidance for the full-year.
Adjusted earnings for the three months ending in April came in at $1.53 per share, which represents a +15% surge from the same period last year and is higher than analysts’ estimates of $1.43 per share (based on Refinitiv data).
Total revenue increased just under +1% to $17.63 billion, exceeding analysts' estimates of $17.52 billion. The +4.8% growth in same-store sales, beating estimates of +4.2%, marked the company’s ninth consecutive quarterly increase.
Target’s comparable digital sales soared +42% year-over-year. Online sales now account for 7.1% of Target’s retail sales, up from 5.2% a year ago.
For full fiscal year 2020 (ending in early January), Target expects low to mid-single digit growth for same store sales. It projects both adjusted and GAAP earnings of $5.75 to $6.05 per share for the year, in line with its earlier expectations.