Outstanding Q2 earnings for Target

August 25, 2020
Outstanding Q2 earnings for Target

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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