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Aug. 21, 2019, 6:42 a.m. EDT

Target's stock surges toward record high after profit and sales beats, raised guidance

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By Tomi Kilgore

Shares of Target Corp. /zigman2/quotes/207799045/composite TGT -1.45% shot up 7.8% toward a record high in premarket trading Wednesday, after the discount retail giant reported fiscal second-quarter earnings and sales that beat expectations, and raised its full-year profit outlook. Net income for the quarter to Aug. 3 rose to $938 million, or $1.82 a share, from $799 million, or $1.49 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share of $1.82 was above the FactSet consensus of $1.62. Total revenue grew 3.6% to $18.42 billion, topping the FactSet consensus of $18.29 billion, as digital channel sales grew 34%. Same-store sales rose 3.4%, beating the FactSet consensus of 3.0% growth, as traffic increased 2.4%. Looking ahead, Target expects third-quarter same-store sales growth of 3.4%, above the FactSet consensus for a 2.9% rise. The fiscal 2019 adjusted EPS guidance range was lifted to $5.90 to $6.20 from $5.75 to $6.05. The stock has rallied 29.4% year to date through Tuesday, while the SPDR S&P Retail ETF /zigman2/quotes/206947004/composite XRT +0.32% has lost 5.5% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.34% has hiked up 15.7%.

/zigman2/quotes/207799045/composite
US : U.S.: NYSE
$ 119.96
-1.77 -1.45%
Volume: 3.96M
June 4, 2020 4:00p
P/E Ratio
22.23
Dividend Yield
2.20%
Market Cap
$59.98 billion
Rev. per Employee
$209,322
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/zigman2/quotes/206947004/composite
US : U.S.: NYSE Arca
$ 43.32
+0.14 +0.32%
Volume: 5.71M
June 4, 2020 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,112.35
-10.52 -0.34%
Volume: 3.74B
June 4, 2020 5:10p
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