Target Beats Profit Expectations For 2nd Quarter

Target Corporation reported second quarter 2015 adjusted earnings per share of $1.22, an unexpected increase of 20.6 percent from $1.01 in 2014. However, the company also predicted unsatisfactory sales for this quarter, noting that consumer demand would likely stay uneven. The retailer’s higher-than-expected quarterly profit raised its full-year earnings forecast. COO John Mulligan told analysts he expects sales at stores open at least a year to increase as much as two percent this quarter. That would include digital sales growth of around 30 percent. Same-store sales rose 2.4 percent in the second quarter ended on July 31, to $17.4 billion from $17 billion last year.