Target posted Q2 earnings that left Wall Street speechless.
The pandemic pushed people to online shopping, which elevated the company's profit by 80.3% to $1.7 billion. The overall digital sales, including curbside pickup and delivery, increased by 195%.
One of the US’s favorite retailers had revenues of $23 billion, surpassing the expected $20.09 billion. The adjusted EPS came in at $3.38 per share. Analysts were looking for $1.62/share.
Same-store sales reported a growth of 24.3%, more than three times higher than the 7.6% forecasted.
Target reported a 70% increase in sales of electronics. The smallest increase was in food and beverage segments – 20%.
As far as its user-base is concerned, it added 10 million new customers.
For the rest of the year, Target didn't project any figures given the pandemic's uncertainty.
Following the report, Target stock price surged almost 13%, bringing the company's market cap at $77 billion.
See how other American retailers have done in Q2 on CAPEX.com!
Sources: cnbc.com, finance.yahoo.com