Target Reports Q2 Earnings Beat, Raises Guidance

Target Corporation TGT reported second-quarter earnings of $1.82 per share, which beat the analyst consensus estimate of $1.62 by 12.35%. This is a 23.81% increase over earnings of $1.47 per share from the same period last year.

The company reported quarterly sales of $18.42 billion, which beat the analyst consensus estimate of $18.34 billion by 0.44%. This is a 3.62% increase over sales of $17.776 billion the same period last year.

Target raised fiscal year 2019 guidance from $5.75-$6.05 to $5.90-$6.20.

"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,” said CEO Brian Cornell. “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.

"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."

Target shares were trading up 13.06% at $96.70 in Wednesday’s pre-market session. The stock has a 52-week high of $90.39 and a 52-week low of $60.15.

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