Target Beats Q2 Sales Estimates, Raises Full-Year Outlook, Yet Stock Falls
Despite surpassing revenue expectations, Target saw its shares fall after raising its annual outlook. On Wednesday, the retailer reported second-quarter net sales of $26.5 billion, a 5.3% year-over-year gain. Management pointed to two straight quarters of growth as the basis for the improved full-year forecast. The stock slid anyway, reflecting investor skepticism about the sustainability of the momentum.
Key facts
- Target reported second-quarter net sales of $26.5 billion
- Net sales increased 5.3% from a year ago
- Target raised its full-year guidance
- The company cited two consecutive quarters of growth
- The report was released on Wednesday
- Target's stock slid despite the positive results
- Target's stock ticker is TGT
- The earnings beat expectations but the stock decline suggests investor concerns
Entities
Institutions
- Target Corporation
Sources
- Quartz —