By Colin Kellaher


Target on Wednesday posted fiscal second-quarter earnings that topped Wall Street's expectations, but sales fell shy of estimates, and the retailer cut its full-year guidance amid expectations of continued top-line challenges.

The Minneapolis company reported net income of $835 million, or $1.80 a share, for the quarter ended July 29, more than quadruple its earnings of $183 million, or 39 cents a share, a year earlier, and ahead of the $1.43 a share that analysts polled by FactSet, on average, were expecting.

But revenue fell 4.9% to $24.77 billion, missing the $25.18 billion Wall Street was looking for, while comparable sales fell 5.4%.

Target said that given recent sales trends, it now expects full-year earnings of $7.00 to $8.00 a share, down from a May forecast of $7.75 to $8.75. Analysts polled by FactSet were anticipating a full-year profit of $7.72 a share.

Target also forecast current quarter earnings of $1.20 to $1.60 a share, well below the $1.82 analysts had penciled in.

The retailer also said it expects comparable sales in a wide range around a mid-single-digit decline for the third quarter and the rest of the year, which includes the critical holiday shopping season.


Write to Colin Kellaher at


(END) Dow Jones Newswires

August 16, 2023 06:45 ET (10:45 GMT)

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