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MINNEAPOLIS — Target Corp. reported on Wednesday fiscal second-quarter earnings of $1.22 per share, up from 78 cents in the year-earlier period. Revenue rose to $17.4 billion from $17 billion the previous year.
Target Corp. reported on Wednesday fiscal second-quarter earnings of $1.22 per share, up from 78 cents in the year-earlier period. Revenue rose to $17.4 billion from $17 billion the previous year.
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Profit in the period was $1.22 a share, excluding some items, the company remarked in a statement. Same-store sales also topped analysts’ estimates.
Comparable-store sales rose 2.4% in the quarter.
"While the momentum in our financial results is encouraging, we have much more to accomplish," remarked Brian Cornell, Target’s chairman and chief executive officer. "Looking ahead, we are focused on making further progress against our strategic priorities and are committed to improving operations as we move through the important back-to-school, back-to-college and holiday seasons."
In the year since taking over at Target, Cornell has sought to boost store traffic by focusing on such categories as apparel, home goods, wellness and toys. He also has retreated from less successful areas like its pharmacy and the retailer’s Canadian operations.
The company has also embarked on a program to trim up to $2 billion in costs over two years, including about $500 million in the current year.
Earlier this month, Target promoted its chief financial officer, John Mulligan, to the newly created role of chief operating officer and brought in Cathy Smith, previously at Express Scripts, to succeed him as CFO.
Target also raised its forecast for the full year, remarking that it now expects annual earnings of $4.60 to $4.75 a share, up from the previously estimated $4.50 to $4.65.
