Target CEO Weighs In On Strong Earnings Results, Expects Continued Strength Moving Forward

Target Corporation TGT delivered very strong second-quarter results, which it has been doing consistently for years, Target CEO Brian Cornell said Wednesday on CNBC's "Squawk Box."

What Happened: Target reported second-quarter earnings of $3.64 per share, which beat the estimate of $3.49 per share. The company reported quarterly revenue of $25.16 billion, which beat the estimate of $25.08 billion. 

Much of the growth was driven by a 13% increase in traffic, Cornell said.

Consumers are coming into the stores, but also using digital, he said, adding that he believes Target's quarter was one of the best in the retail sector.

"I feel really, really good about our performance," he said.

Related Link: Target: Q2 Earnings Insights

What's Next: Cornell told CNBC that Target is off to a really strong start in the current quarter as a result of back-to-school shopping.

Although people remain cautious about COVID-19 variants, consumers are resilient and are shopping in physical stores, he said. 

Target is also expecting to see a really strong holiday season, Cornell noted. 

"I feel really good about our strategy, the capabilities we have in place and the experience of our team," the Target CEO said. "That gives me great confidence we will continue to perform well through the balance of this year and into next year."

TGT Price Action: Target has traded as high as $267.06 and as low as $134.67 over a 52-week period.

At last check Wednesday morning, the stock was down 0.82% at $252.55.

Photo: Courtesy of Target.