Record results for Target in Q2
Target
surprised Wall Street with the Q2 earnings, leaving investors speechless.
With the growing COVID19 pandemic pushing people to choose
online shopping over store shopping, the company’s profit grew by 80.3% to $1.7
billion. Target surpassed the expected $20.09 billion with revenues scoring $23
billion, adjusting the EPS at $3.38/share, much to the surprise of analysts
which were looking for $1.62/share.
The company reported a huge increase in electronic sales,
reaching 70%, while the smallest increase was in food and beverage sector. Even
with the current global situation, the company also added 10 million new
customers.
Target didn’t assume any figures due to the uncertain times
the pandemic is generating. Following their statements, the stock price grew by
almost 13%, raising the company’s market cap at $77 billion.
Sources: cnbc.com, finance.yahoo.com
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