MINNEAPOLIS — Target Corp.’s reported net income for the second quarter was unchanged at $704 million, but share repurchases pushed earnings per share up 2.9% to $1.06 per diluted share from $1.03 in the preceding year.
Target Corp.’s reported net income for the second quarter was unchanged at $704 million, but share repurchases pushed earnings per share up 2.9% to $1.06 per diluted share from $1.03 in the preceding year.
Excluding losses related to Target’s Canadian market entry and partially offsetting tax credits in both years, adjusted earnings edged up 1.2% to $742 million, or $1.12 per share, well ahead of the $1.01 per share expected on average by analysts polled by Thomson Reuters. Retail sales gained 3.5% to $16.45 billion, fueled largely by a 3.1% increase in comparable-store results that executives attributed to Target’s PFresh store remodel program and its 5% REDcard Rewards program.
