Target Corp. Earnings Cheat Sheet: Profit Rises for Third Straight Quarter

S&P 500 (NYSE:SPY) component Target Corporation (NYSE:TGT) reported net income above Wall Street’s expectations for the second quarter. Target Corporation operates general merchandise and food discount stores in the United States.

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Target Earnings Cheat Sheet for the Second Quarter

Results: Net income for the discount store rose to $704 million ($1.03 per share) vs. $679 million (92 cents per share) in the same quarter a year earlier. This marks a rise of 3.7% from the year earlier quarter.

Revenue: Rose 4.6% to $16.24 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: TGT beat the mean analyst estimate of 97 cents per share. Analysts were expecting revenue of $16.15 billion.

Quoting Management: “We’re very pleased with our second quarter financial results, which benefited from an acceleration in the pace of our comparable-store sales growth,” said Gregg Steinhafel, chairman, president, and chief executive officer of Target Corporation. “We continue to focus on strong execution of our strategy, preparing Target to perform well in a variety of economic environments.”

Key Stats:

The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 2.7% and in the fourth quarter of the last fiscal year, the figure rose 10.6%.

The company has now topped analyst estimates for the last four quarters. It beat the mark by 5 cents in the first quarter, by 5 cents in the fourth quarter of the last fiscal year, and by 6 cents in the third quarter of the last fiscal year.

Revenue has risen the past four quarters. Revenue increased 2.2% to $15.94 billion in the first quarter. The figure rose 2.4% in the fourth quarter of the last fiscal year from the year earlier and climbed 2.2% in the third quarter of the last fiscal year from the year-ago quarter.

Competitors to Watch: Wal-Mart Stores, Inc. (NYSE:WMT), Costco Wholesale Corp. (NASDAQ:COST), Dollar Tree, Inc. (NASDAQ:DLTR), Dollar General Corp. (NYSE:DG), Gordmans Stores, Inc. (NASDAQ:GMAN), Family Dollar Stores, Inc. (NYSE:FDO), 99 Cents Only Stores (NYSE:NDN), Fred’s, Inc. (NASDAQ:FRED), and BJ’s Wholesale Club, Inc. (NYSE:BJ).

Investing Insights: Steve Jobs Prepares to Deliver a New Catalyst for Apple’s Stock.

(Source: Xignite Financials)

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