Target on Wednesday blew past every forecast on Wall Street for its fiscal second quarter as it attracted millions of new customers online, setting a record for same-store sales that drove profits up by an eye-popping 80.3% to $1.7 billion.
Sales online and at stores open for at least a year climbed by 24.3% during the quarter ended Aug. 1— an all-time high for the retailer. Same-store sales climbed by 10.9% while the company’s digital sales nearly tripled from a year earlier.
Shares jumped by nearly 9% in premarket trading.
Here’s how the company did in the second quarter versus what analysts forecast, based on average estimates compiled by Refinitiv:
- Adjusted EPS: $3.38, vs. $1.62…