Dive Summary:
- Second quarter sales for Target were steady but underwhelming as the company reported an increase in same store sales of 1.2% during the second quarter.
- Total profits for the company, excluding the start-up costs associated with Target’s expansion into Canada, rose 6.1% to $1.19 per share.
- “Target’s second quarter financial results benefited from disciplined execution of our strategy and strong expense control, offsetting softer-than-expected sales,” says Target CEO, Gregg Steinhafel.
From the article:
Concerns regarding the consumer spending outlook prompted the company to forecast full year adjusted profits toward the low end of earlier guidance that ranged from $4.70 to $4.90. Target ended the quarter with 1,788 stores in the U.S. and 68 stores in Canada.
