Retail Giant Target Reports Record Back-to-School Spending
  • 3 years ago
Target ($TGT@US) reports second-quarter sales rose in every category even compared to last year’s record pandemic pace. Back-to-school spending is off to a strong start, but shares did fall 1.4% in premarket trading. Second-quarter net income jumped to $1.82 billion, or $3.65 per share, from $1.7 billion, or $3.35 per share, a year earlier. Total revenue rose 9.5% to $25.16 billion from the same period a year ago, slightly above analysts’ expectations of $25.08 billion. Target’s profits were nearly double those in the same quarter of 2019, before the pandemic supercharged sales.
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