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Target’s earnings beat won’t do much to change investor opinion, analysts say

Bloomberg
Target said its digital sales were up 22% in the first quarter

Target Corp. reported better-than-expected first-quarter earnings on Wednesday, but Buckingham Research Group analysts are skeptical the retailer will succeed in changing negative investor sentiment.

Target TGT, +0.94% reported adjusted earnings per share of $1.21, beating the FactSet consensus of 91 cents. Sales, at $16.0 billion, were ahead of the FactSet forecast of $15.6 billion, though they were down from $16.2 billion last year. E-commerce sales climbed 22%.

Same-store sales were down 1.3%, which the company attributed to “small declines in both traffic and basket size.”

Target shares closed up 0.9% on Wednesday.

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