Target (NYSE:TGT) earnings for the second quarter of fiscal year 2020 have TGT stock climbing on Wednesday. This surge comes after reporting revenue of $22.98 billion, which is above Wall Street’s estimate of $20.09 billion. Also, the company reported adjusted earnings per share (EPS) of $3.38, while analysts were expecting earnings of $1.62 for the quarter.
Moreover, the retailer reported GAAP EPS of $3.35 for the period.
Now let’s see what else is worth mentioning from the most recent Target earnings report.
- Adjusted EPS was up 85.7% from $1.82 during Q2 2019.
- Revenue for the quarter comes in 24.7% higher compared to $18.42 billion during the same time last year.
- Operating income of $2.3 billion is 7% better year-over-year than $1.32 billion
- Target’s earnings also includes a net income of $1.69 billion.
- That is 80.3% higher than $938 million from the second quarter of 2019.
- The company also reported that its digital comparable sales grew 195% during the period.
Brian Cornell, chairman and chief executive officer of Target, said this about the TGT stock earnings report:
“Our second quarter comparable sales growth of 24.3 percent is the strongest we have ever reported, which is a true testament to the resilience of our team and the durability of our business model. Our stores were the key to this unprecedented growth, with in-store comp sales growing 10.9 percent and stores enabling more than three-quarters of Target’s digital sales, which rose nearly 200 percent. We also generated outstanding profitability in the quarter, even as we made significant investments in pay and benefits for our team”
The company withdrew its FY2020 guidance back on March 25 due to the impact of the novel coronavirus on the business. However, we know what Wall Street is looking for. Analysts’ estimates call for EPS of $5.14 on revenue of $83.61 billion.
TGT stock was up 11.8% as of Wednesday morning.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.