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.
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.