Target (TGT) Stock Down After Blowout Earnings With EPS Nearly Double Estimates
TLDR
- Target raised its full-year sales forecast to ~5% growth, up from 4% in May
- Q2 adjusted EPS came in at $4.11, crushing the $2.34 Wall Street estimate
- Total Q2 sales hit $26.54 billion, beating the $26.13 billion consensus
- Hardlines (toys, electronics) led category growth, up more than 10% year-over-year
- TGT stock fell roughly 2% in premarket despite the strong results
Target posted a strong fiscal second quarter on Wednesday, beating on both the top and bottom lines. Total sales rose 5.3% to $26.54 billion, ahead of the $26.13 billion analysts expected. Adjusted EPS landed at $4.11, well above the $2.34 forecast.
The stock dropped about 2% in premarket trading anyway. Sometimes that’s just how Wall Street works.
The retailer raised its full-year sales outlook for the second time this year. Target now expects roughly 5% sales growth, up from the 4% forecast issued in May and the 2% projection at the start of the year. Full-year EPS guidance was lifted to a range of $9.90 to $10.90, compared with the prior range of $7.50 to $8.50.
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