Target Surges 14% After Q2 Earnings Beat, EPS at $2.57

Aug 21, 2024, 11:05 AM

Target Corporation reported strong financial results for the second quarter of 2024, exceeding Wall Street expectations. The company posted an adjusted earnings per share (EPS) of $2.57, surpassing the estimated $2.18, and reported revenue of $25.5 billion, above the expected $25.2 billion. EPS increased by 42.8% year-over-year, while revenue rose by 2.7% over the same period. Comparable sales rose by 2.0%, driven by a 3% increase in store traffic and an 8.7% growth in digital sales. Target's stock surged by 14% following the announcement, as the retailer raised its annual profit forecast, citing improved consumer spending and effective price cuts. Despite the positive results, Target maintained a cautious outlook for the remainder of the year.