According to the company’s quarterly result announced on Wednesday, as Minneapolis retailers continue to grow faster than before the pandemic, the company’s sales this year may reach $100 billion. Sales in May, June, and July increased by 8.9%, ranking second. Target’s fiscal quarter, except for the record of more than 24% growth in the same period last year. In the early summer, more people returned to the store to shop, and back-to-school shopping has always been healthy. Target executives said: “Our theme this quarter is growth and growth.” Company executive Brian Cornell (Brian Cornell) said. Call with the analyst. “But you have to hope that this theme will continue in the future.” Same-store sales increased by 8.7%, physical store traffic and digital sales increased by 10%, and overall traffic increased by nearly 13%. Target’s revenue increased by 7.4%. “Traffic has been very stable and stable, and we are very excited about the initial momentum of returning to campus and back to university,” Christina Hennington said. , Target Growth Director. The company’s board of directors decided to start a new stock repurchase, even though Target’s stock trading price hit a record high, and the price was almost double what it was a year ago. It agreed to begin a $15 billion stock repurchase after the company completes its current stock purchase authorization, and there is still $1.8 billion at the end of the quarter.

The company’s quarterly results announced on Wednesday showed that as the Minneapolis retailer continues to grow faster than before the pandemic, its sales this year may reach $100 billion. Sales in May, June, and July increased by 8.9%, the second quarter of Target’s second fiscal year, with a year-on-year increase of more than 24%. Target executives said that more people returned to the store in early summer to shop, and back-to-school shopping has been healthy. “Our theme this quarter is growth and growth,” said Brian Cornell, the company’s chief executive officer. Call the analyst. “But you have to hope that this problem will continue to exist in the future.” Same-store sales increased by 8.7%, physical store traffic and digital sales increased by 10%, and overall passenger traffic increased by nearly 13%. Target’s revenue increased by 7.4%. Christina Hennington said: “Traffic has been very stable and stable, and we are very excited about the initial momentum of returning to school and back to university.” Target Growth Director. The company’s board of directors decided to start a new stock repurchase, even though Target’s stock trading price hit a record high, and the price was almost double what it was a year ago. It agreed to begin a $15 billion stock repurchase after the company completes its current stock purchase authorization, and there is still $1.8 billion at the end of the quarter. The company stopped stock buybacks when the spring 2020 pandemic caused economic uncertainty. And resume at the end of the year.

Target purchased approximately $1.5 billion worth of stock last quarter. Chief Financial Officer Michael Fiddelke said that the new share repurchase program “reflects our confidence in the strong and continued performance of the business”. US$25.2 billion. It earned US$1.82 billion, or diluted earnings per share of US$3.65, which exceeded Zacks’ consensus estimate of US$3.48. A year ago, Target made a profit of US$1.69 billion or US$3.35 of diluted earnings per share. After closing at a high of about $264 a week ago, Target’s stock price fell about 3% on Wednesday to $247.58 per share. Analysts Brian Yarbrough said that last year, as consumer purchasing power began to normalize, high growth levels may not be sustainable. According to reports, Target Corp.’s revenue this year may reach 100 billion U.S. dollars. The company’s quarterly performance report released on Wednesday showed that as the Minneapolis retailer continues to grow faster than before the pandemic, the company’s sales this year may reach $100 billion. July is the second quarter of Target’s fiscal year, with a growth of more than 24% in the same period last year. Target executives said that earlier this summer, more people returned to the store to shop, and back-to-school shopping has been healthy. Target Growth Director.

The company’s board of directors decided to start a new stock repurchase, even though Target’s stock trading price hit a record high, and the price was almost double what it was a year ago. It agreed to begin a $15 billion stock repurchase after the company completes its current stock purchase authorization, and there is still $1.8 billion at the end of the quarter. When the pandemic caused economic uncertainty, the company suspended share repurchases in the spring of 2020. And resume at the end of the year. Target purchased $1.5 billion worth of stock last quarter. Chief Financial Officer Michael Fiddelke said that the new share repurchase program “reflects our confidence in the strong and continued performance of the business”. US$25.2 billion.

It earned US$1.82 billion, or diluted earnings per share of US$3.65, which exceeded Zacks’ consensus estimate of US$3.48. A year ago, Target earned 1.69 billion U.S. dollars or diluted earnings per share of 3.35 U.S. dollars. After closing at a high of about $264 a week ago, Target’s stock price fell about 3% on Wednesday to $247.58 per share. Edward Jones analyst Brian Yarbrough said that last year, as consumer purchasing power began to normalize, high growth levels may not be sustainable. Yarbrough said: “For consumers, there are a few things that are positive tailwinds… As we go through 2021 and 2022, this will not be a positive tailwind.” “First, you get encouragement from the government. , And then dried up. Suddenly, the government began to send these children’s tax credit checks.” He said that due to the demand for children’s clothing and other items, this back-to-school season will also be an outlier. These items were basically digital in the school last year. No purchase at the time. Since the beginning of the pandemic, clothing has recovered, with customers snapping up swimwear, children’s clothing, and contemporary youth clothing to lead the product category with double-digit growth. Food and beverages followed closely with low double-digit growth. Target said that sales of private labels (which it calls “private labels”) have increased in the middle of the year. This week, Target launched a pet food brand called Kindful. 

“Our commitment is to continue to accelerate our own brand faster than our base,” Hennington said. As part of a plan to spend $4 billion a year on opening small and medium-sized stores and refurbishing, Target opened two new “mobile centers” to send small batches of goods to stores more frequently within three months. The renovation of more than 100 stores is also in progress, and 19 new stores have opened. For the second half of the year, Target’s leadership expects comparable sales to achieve high single-digit percentage growth, close to high-end. From the perspective of the target range, its sales in the first half of the fiscal year are expected to be 48.7 billion U.S. dollars.”

By Erica Watson

She is a professional blogger by passion and has been working with many websites as a content writer, editor. Along with she has also been associated with writing news for Google News authorized websites. She loves writing on entertainment and the latest gossips.

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