Target: raises outlook after strong second quarter
(CercleFinance.com) - US discount retailer Target raised its outlook for 2018 on Wednesday after an unprecedented growth in traffic in the second quarter.
The Minneapolis-based company now expects full-year GAAP EPS from continuing operations and adjusted EPS of 5.30 dollars to 5.50 dollars, compared with the previous target range of 5.15 dollars to 5.45 dollars.
The company reported net income of 799 million dollars, or 1.50 dollar per share, up 19% from 671 million, or 1.22 dollar per share, a year earlier.
Sales came to 17.8 billion dollars, up 6.9% from 16.6 billion dollars.
Comparable sales increased 6.5%, the best comparable performance at Target in 13 years, said chief executive Brian Cornell.
Traffic growth alone reached 6.4%.
After these figures, the company's shares jumped over 5% in pre-market trading.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The Minneapolis-based company now expects full-year GAAP EPS from continuing operations and adjusted EPS of 5.30 dollars to 5.50 dollars, compared with the previous target range of 5.15 dollars to 5.45 dollars.
The company reported net income of 799 million dollars, or 1.50 dollar per share, up 19% from 671 million, or 1.22 dollar per share, a year earlier.
Sales came to 17.8 billion dollars, up 6.9% from 16.6 billion dollars.
Comparable sales increased 6.5%, the best comparable performance at Target in 13 years, said chief executive Brian Cornell.
Traffic growth alone reached 6.4%.
After these figures, the company's shares jumped over 5% in pre-market trading.
Copyright (c) 2018 CercleFinance.com. All rights reserved.