Profits Soar: Target's Second Quarter Results Exceed Expectations
MINNEAPOLIS (AP) — Target is reporting second quarter results that topped expectations on just about every level as the company pushes faster delivery and invests heavily in new private label brands.
It's raising its profit expectations for the year, sending shares up 11% before the opening bell Wednesday.
Target Corp. profits jumped 17.4% to $938 million, or $1.82 per share. That's 21 cents better than Wall Street was looking for, according to a survey by Zacks Investment Research.
The Minneapolis retailer's revenue was $18.42 billion, also breezing past expectations.
The company now expects full-year earnings between $5.90 and $6.20 per share, up May guidance of between $5.75 and $6.05.
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