Target (TGT) shares soared Wednesday after the retailer's second-quarter earnings beat estimates, leading Target to lift its projections for full-year 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS).

Target posted second-quarter revenue of $25.42 billion, up about 2.6% year-over-year and 澳洲幸运5官方开奖结果体彩网:better than analysts had expected, according to estimates compiled by Visible Alpha. The retail giant's 澳洲幸运5官方开奖结果体彩网:cost-cutting measures also paid off, as Target reported $1.19 billion in 澳洲幸运5官方开奖结果体彩网:net income, a 40% jump from the second quarter of fiscal 2023, and also above analysts' estimates.

Comparable Store Sales Return to Growth

After comparable store sales 澳洲幸运5官方开奖结果体彩网:declined year-over🦄-year in the🐠 first quarter, the metric returned to growth in the second quarter, with 澳洲幸运5官方开奖结果体彩网:comparable store sales up 2% from the same time last year. Target said in-store traffic rose 3% compared to last year, while digital sales jumped 8.7% thanks to the double-digit sales growth of Target's same-day services like curbside pickup orders and same-day shipping offered in Target's 澳洲幸运5官方开奖结果体彩网:revamped membership program.

Target also said 澳洲幸运5官方开奖结果体彩网:discretionary sales trends "continued to improve meaningfully" in the quarter, led by growth in categories like apparel and beauty. Target was one of a number of retailers who 澳洲幸运5官方开奖结果体彩网:struggled with lower discretionary spenౠding from many consumers as infl🔯ation led many🎉 Americans to focus their spending on essentials.

Target projects flat to up to 2% growth in comparable sales ꧒for the third quarter, with EPS of $2.10 to $2.40, with analysts projecting $2.21. For the full year, Target said it expects full-year comparable sales on the low end of its initial flat to 2% growth projection, but liftꦏed its EPS projection to a range of $9 to $9.70, compared to $8.60 to $9.60 previously.

Shares of Target were up over 1💖3% to $164.50 in pre-market trading Wednesday following the release.