Target First-Quarter Results Soar Above Street Views

By Colin Kellaher

Target Corp. on Tuesday posted fiscal first-quarter revenue and earnings that smashed Wall Street's expectations amid continued strong consumer digital demand.

The Minneapolis retailer reported net income of $2.1 billion, or $4.17 a share, for the quarter ended May 1, up from $284 million, or 56 cents share, a year earlier.

Excluding items, Target reported an adjusted profit of $3.69 a share for the quarter. Analysts polled by FactSet, on average, were expecting adjusted earnings of $2.21.

Revenue jumped 23.4% to $24.2 billion, topping the $21.76 billion Wall Street was looking for. Comparable sales surged 22.9%, easily surpassing expectations for a gain of 11.9%, amid a 50% rise in digital comparable sales.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

05-19-21 0650ET