How Target Shares Gained 20% in August
Shares of Target (NYSE: TGT) rose 20.1% in August 2020, according to data from S&P Global Market Intelligence. The retail chain's muscular second-quarter report showed investors that Target is doing more than fine in the era of COVID-19.
Target's sales rose 25% year over year to $22.7 billion, and adjusted earnings nearly doubled from $1.82 to $3.38 per share. Your average analyst would have settled for earnings of approximately $1.62 per share on revenue near $20.1 billion. Comparable store sales increased by 10.9%, and online sales tripled compared to the year-ago period. Management declined to set up guidance for the next quarter or the full fiscal year, citing uncertainty based on the coronavirus pandemic.
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Source Fool.com
