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Wednesday, August 19, 2020

-=Target (TGT) reported earnings on Wed 19 Aug 20 (b/o)



Target beats by $1.71, beats on revs; Q2 comps increased 24.3% yr/yr
  • Reports Q2 (Jul) earnings of $3.35 per share, $1.71 better than the S&P Capital IQ Consensus of $1.64; revenues rose 24.7% year/year to $22.98 bln vs the $20.11 bln S&P Capital IQ Consensus.
  • Second quarter comparable sales grew 24.3 percent, the strongest the Company has ever reported.
    • Store comparable sales increased 10.9 percent. Digital comparable sales grew 195 percent, accounting for 13.4 percentage points of Target's comparable sales growth.
    • Stores fulfilled more than 90 percent of Target's second quarter sales.
    • Same-day services (Order Pick Up, Drive Up and Shipt) grew 273 percent and accounted for approximately 6 percentage points of total Company comparable sales growth.
  • Fiscal 2020 Guidance - During the first quarter, the Company withdrew its guidance given the unusually wide range of potential outcomes, in light of the highly fluid and uncertain outlook for consumer shopping patterns and government policies related to COVID-19.

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