Comps, Earnings Up in Target’s Q2
Comparable-store sales rose 1.3 percent for Target’s 2017 second quarter, along with a boost in earnings, driven by solid performance in store and online sales.
Overall Q2 sales increased 1.6 percent to $16.4 billion, from $16.2 billion last year. Comparable digital-channel sales grew 32 percent and contributed 1.1 percentage points to comps growth. Q2 adjusted earnings per share from continuing operations were $1.23, an increase of 0.1 percent from the year-ago period.
“I want to thank the team for their strong execution in the second quarter, which drove broad-based improvement in Target’s performance," said Brian Cornell, Target’s chairman and CEO. "In particular, we are pleased that second-quarter traffic increased more than 2 percent, reflecting growth in both our store and digital channels."
“Building our brands”
“We continue to focus on our long-term strategy as we work to transform every part of our business and build an even better Target that will thrive in this new era in retail," continued Cornell. "While our recent results are encouraging, we will continue to plan prudently as we invest in building our brands, our digital channel, the value we provide our guests, and elevating service levels in our stores.”
Target expects that Q3 and Q4 2017 comparable-sales growth will be within the range experienced in the first half of the year, with full-year results in a range around flat, plus or minus 1 percent.
Minneapolis-based Target Corp. operates 1,816 stores.