Target's Strong Q1, Guidance Send Shares Higher

Target Corporation TGT on Wednesday reported first-quarter earnings of $1.53 per share, which beat the analyst consensus estimate of $1.43. This is a 15.9 percent increase over earnings of $1.32 per share from the same period in 2018.

Target reported quarterly sales of $17.62 billion, which beat the analyst consensus estimate of $17.5 billion. This is a 5.04 percent increase over sales of $16.781 billion the same period last year.

Target sees second quarter EPS in a the range of $1.52-$1.72 versus a $1.59 estimate. The retailer sees FY2019 adjusted EPS $5.75-$6.05 versus a $5.83 estimate.

"Over the last two years, we have made important investments to build a durable operating and financial model that drives consumer relevance and sustainable growth. Target's first quarter performance and market-share gains demonstrate that the model is working,” said Target CEO Brian Cornell in the press release.

“Throughout this year, we will continue to extend the reach of our same-day fulfillment options, strengthen our portfolio of owned and exclusive brands, remodel and open more stores and invest in our team. We're confident that we're well-positioned to deliver strong financial performance in 2019 and beyond,".

Target shares were trading at around $76.30 per share Wednesday morning, higher by 6 percent.

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