However, analysts were expecting earnings of $1.11 per share on revenue of $17.4 billion.
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Key Events: Target returned about $1,006 million to its shareholders in the form of share repurchases and dividend payments.
Revenues: Target generated net sales of $17,427 million that increased 2.8% year over year and surpassed the Zacks Consensus Estimate of $17,382 million. Analysts project third-quarter earnings of $0.86 per share.
Target’s same-store sales rose 2.4 per cent in the second quarter ended August 1, better than the 2.2 per cent rise analysts had expected, according to research firm Consensus Metrix.
Shares of Target, up 5.8% this…
Target Corp. on Wednesday lifted its profit outlook for the year after posting stronger-than-expected earnings in its second quarter and its fourth straight quarter of same-store sales growth. “While the momentum in our financial results is encouraging, we have much more to accomplish”.
Target shares climbed 4.48 percent to $83.90 in pre-market trading.
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The company also raised its earnings expectations for the year, with adjusted EPS now forecast at between $4.60 and $4.75, compared to $4.50 and $4.65 previously guided.
