Target Quarterly Profit Doubles to $1.88 Billion. Is the Turnaround Finally Taking Hold?
Target's new investments are paying off as the retailer returns to steady growth.
Overview
After a long wait, Target (NYSE:TGT) finally delivered the strong quarterly earnings report that investors have been anticipating, showing the retailer's turnaround starting to take hold.
Target has bounced back from the depths of its post-pandemic bust as the market responded to hints of a recovery, and its second-quarter earnings report shows it is officially in turnaround mode.
Details
Comparable sales rose 3.8% in the quarter, which, with the exception of its strong 5.6% growth rate in the first quarter, was its fastest growth in four years. Comparable traffic was up 3.6%, showing customers are coming back to its stores, and overall revenue rose 5.3% to $26.54 billion, which benefited from the growth of its ad business, Target Circle 360 membership revenue, and the Target+ marketplace. That topped the consensus at $26.14 billion.
Source
Originally published at www.fool.com.