Company news: Target (TGT) posts mixed quarterly results

Target (TGT) reported Q2 FY2024 earnings of $2.57 per share (versus $1.80 per share in Q2 FY2023), strongly beating analysts’ consensus estimate of $2.18 per share.

The company’s quarterly revenues amounted to $25.021 bln (+1.0% y/y), missing analysts’ consensus estimate of $25.188 bln.

The company issued in-line EPS guidance for Q3 FY2024 of $2.10-2.40 versus analysts’ consensus estimate of $2.22 and said that its comparable sales in the third quarter are expected to increase by 0%-2% y/y.

It also raised the full FY2024 EPS guidance to $9.00-9.70 from its previous estimate of $8.60-9.60 versus analysts’ consensus estimate of $9.23. While Target confirmed that it still believes its full-year guidance range of a 0%-2% y/y rise in its comparable sales remains appropriate, the increase is now forecast to be in the lower half of that range.

TGT rose to $163.09 (+13.88%) in pre-market trading.