- Target on Wednesday reported quarterly earnings that blew past Wall Street’s expectations for the retailer.
- Shares of Target surged as much as 9% in premarket trading Wednesday.
- The retailer also set a record for same-store sales during the quarter.
- Watch Target trade live on Markets Insider.
- Read more on Business Insider.
Here are the key numbers:
- Adjusted earnings per share: $3.38 reported, versus $1.62 (expected)
- Revenue: $23 billion reported, versus $20.09 billion (expected)
Target also reported that same-store sales rose by more than 24% in the last quarter that ended August 1, a record high for the retailer and nearly three times higher than the 8.6% jump analysts expected.
Digital same-store sales during the quarter rose 195%, and same-day service sales — including curbside pick up, drive up, and Shipt — grew 273% from a year earlier and accounted for about 6 percentage points of total comparable sales growth, the company said in a statement.
The boosted sales reflect “the continuation of heightened sales volume and significant investments in response to the COVID-19 pandemic,” the company said in a press release. Target saw 10 million new online customers in the first half of the year, CEO Brian Cornell said on an earnings call.
The company did not give future guidance due to uncertainty around the coronavirus pandemic, especially amid the important back-to-school shopping season. Target initially withdrew its guidance in the fiscal first quarter.
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Target has gained nearly 7% year-to-date through Tuesday’s close.
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