Target Corporation (NYSE:TGT) announced on Wednesday a fiscal second-quarter profit of $1.19 billion, exceeding Wall Street predictions with earnings of $2.57 per share.
Analysts, surveyed by Zacks Investment Research, had anticipated earnings of just $2.16 per share.
The Minneapolis-based retailer also reported a robust revenue of $25.45 billion, surpassing the expected $25.23 billion forecasted by twelve analysts.
This performance is attributed to strong sales, significant cost savings, and efficiently managed inventory levels.
Looking ahead to the current quarter ending in October, Target projects its earnings per share to be between $2.10 and $2.40.
Additionally, the company has revised its full-year 2024 earnings forecast upwards to $9 - $9.70 per share, from the previously estimated range of $8.60 - $9.60.
This optimistic outlook underscores Target's successful adaptation to market demands and operational efficiencies, positioning it well for continued success in the retail sector.