Discount retailer Target cashes in on record demand in Q2
Updated : 16:07
Target cashed in on record demand for its wares that drove market share gains in part due to a dizzying uptake of its digital offering.
The discount retailer saw net income almost double over the three months ending in June to reach $1.69bn for $3.38 in adjusted earnings (consensus: $1.63).
That was in comparison to $938m in profits and EPS of $1.82 for the comparable year ago period.
Sales meanwhile jumped from $18.42bn to $22.98bn (consensus: $19.97bn).
On a comparable basis comparable stores sales were 10.9% higher and online revenues were 195% stronger with Target adding approximately 10m new digital customers over the front half of the year.
Management attributed $5bn of its increased sales to market share gains, labelling the improvement "unusually strong".