Target (TGT) Tops Q2 EPS by 20c; Guides Higher

(Updated - August 21, 2019 6:32 AM EDT)

Target (NYSE: TGT) reported Q2 EPS of $1.82, $0.20 better than the analyst estimate of $1.62. Revenue for the quarter came in at $18.42 billion versus the consensus estimate of $18.34 billion.

Second quarter comparable sales grew 3.4 percent, driven by 2.4 percent traffic growth. Comparable sales have grown approximately 10 percent over the last two years - the best performance in more than a decade.

Brian Cornell, chairman and CEO of Target, said, "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. 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."

GUIDANCE:

Guides higher for year.

Target now expects full-year 2019 GAAP EPS from continuing operations and Adjusted EPS of $5.90 to $6.20, compared with the prior range of $5.75 to $6.05. The consensus is $5.93.

For earnings history and earnings-related data on Target (TGT) click here.

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