Target (NYSE:TGT) shares rose nearly 3% today following the release of its second-quarter results.
The adjusted earnings per share for the quarter were $1.80, significantly surpassing the anticipated $1.47. In the second quarter, Target’s comparable sales faced a decline of 5.4%, which was worse than the anticipated 3.8% decrease. The company’s revenue stood at $24.38 billion, marking a 4.9% reduction compared to the previous year and falling short of the expected $25.33 billion.
Gross margin demonstrated improvement, reaching 27%, surpassing the previous year’s 21.5%, and exceeding the projected 25.6%. Looking ahead to the current quarter, the company projects an adjusted EPS within the range of $1.20 to $1.60. This falls below analysts’ expectations of $1.84. For the fiscal year 2024, Target has revised its earlier EPS forecast from the $7.75-$8.75 range to $7.00-$8.00, compared to the Street estimate of $7.81.