Why Target's Earnings Were So Good: Analyst
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Target delivered quarterly earnings and revenue that beat analysts' expectations on Wednesday, a day after Wal-Mart missed on profit and cut guidance.
"It's almost the opposite story [from Wal-Mart]; terrific sales results, earnings came in very strong," retail analyst Joseph Feldman said moments after Target announced its results. He said CEO Brian Cornell has been doing a great job after a year in the job, and that's "being reflected in the numbers."
The retailer posted fiscal second-quarter earnings of $1.22 per share, up from 78 cents in the year-earlier period. Revenue rose to $17.43 billion from $17 billion the previous year.