Target Corporation (NYSE: TGT) reported its second quarter financial results before the opening bell on Wednesday. The retailer reported better-than-expected results and provided an upbeat guidance, sending shares surging by over 17.7% to USD 100.77 per share.
For the second quarter, Target reported earnings of USD 1.82 per share on revenue of USD 18.42 Billion. Refinitiv analysts expected earnings of USD 1.62 per share on revenue of USD 18.34 Billion.
Second quarter comparable sales grew by 3.4%, driven primarily by a 2.4% traffic growth during the quarter. Over the past two years, Target reported that its comparable sales have grown approximately 10%, making it the best performance in more than a decade.
Target attributes that stronger sales to its same-day delivery, same-day shipping, curb-side pickup, and even drive up pickups. Target’s move to implement speedy delivery directly competes against other major retailers such as Amazon (NASDAQ: AMZN) and Walmart (NYSE: WMT).
“We are really pleased with our second quarter performance, which demonstrates the strength of our strategy and the durable financial model we’ve built over the last several years. By appealing to shoppers through a compelling assortment, a suite of convenience-driven fulfillment options, competitive prices and an enjoyable shopping experience, we’re increasing Target’s relevancy and deepening the relationship between our guests and our brand,” said Brian Cornell, Chairman and Chief Executive Officer of Target.
“Traffic and sales continue to grow while our EPS reached an all-time high, driven by the strength of our team’s execution and their focus on delivering for our guests. Because of our outstanding performance in the first half of the year and our confidence moving forward, we are increasing our guidance for full-year earnings per share.” concluded Cornell.
For both the third quarter and second half of fiscal 2019, Target expects comparable sales growth to fall in-line with 3.4% growth in the second quarter. For the third quarter, the Company expects to report adjusted earnings between USD 1.04 to USD 1.24 per share.
And as for the full year, Target now expects earnings of USD 5.90 to USD 6.20 per share, compared to its previous forecast of USD 5.75 to USD 6.05 per share.
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