While reporting higher earnings above market despite weak revenues in its second quarter, discount retailer Target Corp. (TGT) on Wednesday issued third-quarter earnings view and lowered forecast for fiscal 2023 earnings.
In pre-market activity on the NYSE, Target shares were gaining around 9.4 percent to trade at $136.78.
For the third quarter, the company projects earnings, on a reported and adjusted basis, in the range of $1.20 to $1.60 per share with comparable sales in a wide range around a mid-single digit decline.
On average, 28 analysts polled by Thomson Reuters expect the company to report earnings of $1.84 per share for the quarter. Analysts' estimates typically exclude special items.
For fiscal 2023, the company now projects earnings, on a reported and adjusted basis, in the range of $7.00 to $8.00, lower than previous estimate of $7.75 to $8.75 per share. The Street is looking for earnings of $7.81 per share for the year.
The Company now expects comparable sales in a wide range around a mid-single digit decline for the remainder of the year. Target previously expected comparable sales in a wide range from a low-single digit decline to a low-single digit increase.
In the second quarter, Target's profit increased from the same period last year and beat the Street estimates.
The company's earnings came in at $835 million, or $1.80 per share, compared to $183 million or $0.39 per share last year.
Analysts had expected the company to earn $1.39 per share.
The company's revenue for the quarter fell 4.9 percent to $24.77 billion from $26.04 billion last year. The Street was looking for revenues of $25.18 billion for the quarter.
Comparable sales declined 5.4 percent in the second quarter, reflecting comparable store sales declines of 4.3 percent and comparable digital sales declines of 10.5 percent.
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