Why Shares of Target Rose Today
Shares of the giant retailer Target (NYSE: TGT) rose roughly 4.5% today on the eve of its second-quarter earnings report and after another large retailer, Walmart (NYSE: WMT), reported better-than-expected earnings results.
Walmart this morning reported adjusted earnings of $1.77 for its most recent quarter on total revenue of $152.6 billion. Both numbers beat analyst estimates.
"The actions we've taken to improve inventory levels in the U.S., along with a heavier mix of sales in grocery put pressure on profit margin for Q2 and our outlook for the year," Walmart's CEO and President Doug McMillon said in an earnings statement.
Source Fool.com
