Categories AlphaGraphs, Earnings, LATEST, Retail

Target (TGT) stock drops after Q2 earnings miss estimates; revenue up 4%

Department store chain Target Corporation (NYSE: TGT) reported a sharp decline in adjusted earnings for the second quarter of 2022, despite an increase in net sales. The bottom line also fell short of expectations. The company’s stock dropped soon after the announcement early Wednesday.

Target Corp. Q2 2022 earnings infographic

Second-quarter net income, excluding special items, declined to $0.39 per share from $3.64 per share in the same period of last year and missed the estimates. Unadjusted profit was $183 million or $0.39 per share, compared to $1.82 billion or $3.65 per share a year earlier.

Meanwhile, net sales increased 4% annually to $26.04 billion, which is in line with analysts’ forecast. Comparable sales moved up 2.6%, supported by continued strength in food & beverage, beauty, and household essentials.


Check this space to read management/analysts’ comments on Target’s Q2 2022 results


“Looking ahead, the team is energized and ready to serve our guests in the back half of the year, with a safe, clean, uncluttered shopping experience, compelling value across every category, and a fresh assortment to serve our guests’ wants and needs,” said Target’s CEO Brian Cornell.

Prior Performance

  • Target Q1 2022 Earnings Infographic
  • Target Corp Q2 2021 Earnings

Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!

Most Popular

Should investors worry about Micron’s (MU) weak Q4 results and guidance?

The semiconductor industry is a rapidly growing business segment that currently thrives on the digital transformation wave. The demand for memory chips and other semiconductor products increased over the years,

What has Bed Bath & Beyond (BBBY) outlined for this fiscal year?

Shares of Bed Bath & Beyond (NASDAQ: BBBY) were up on Friday, a day after the company delivered disappointing results for the second quarter of 2022. The company reported a

NKE Earnings: Highlights of Nike’s Q1 2023 results

Nike, Inc. (NYSE: NKE) has reported a decrease in net profit for the first quarter of 2023, despite a modest increase in revenues. The company's stock suffered a big loss

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top