Target: Q2 EPS down almost 90% y-o-y

(CercleFinance.com) - Target has reported Q2 adjusted EPS of 0.
39 dollar, down 89.2%, with an operating margin that collapsed to 1.2% from 9.8% last year.

The discount chain said that the contraction reflects pressure on gross margin from measures to reduce excess inventory and higher freight and transport costs.

Meanwhile, total revenue rose 3.5% to 26 billion dollars, with comparable sales up 2.6%, reflecting comparable shop sales growth of 1.3% and comparable digital sales growth of 9%.

Target believes that current trends support its previous guidance of low to mid-single-digit revenue growth for the year and an operating margin rate of around 6% in H2.


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