Target Corporation's total revenue grew 3.6 per cent to $18.4 billion in Q2 2019 from $17.8 billion last year. The Q2 sales growth of 3.6 percent including comparable sales growth of 3.4 per cent was driven by 2.4 per cent rise in comparable traffic. The comparable sales have grown approx 10 per cent over last 2 years — the best performance in more than a decade.

The comparable digital sales grew 34 per cent, contributing 1.8 percentage points to comparable sales growth. The GAAP EPS from continuing operations and adjusted EPS of $1.82 were up over 20 per cent from last year and established new all-time highs for the company, said Target in a press release.

"We are really pleased with our second quarter performance, which demonstrates the strength of our strategy and the durable financial model we've built over the last several years. By appealing to shoppers through a compelling assortment, a suite of convenience-driven fulfillment options, competitive prices and an enjoyable shopping experience, we're increasing Target's relevancy and deepening the relationship between our guests and our brand. Traffic and sales continue to grow while our EPS reached an all-time high, driven by the strength of our team's execution and their focus on delivering for our guests. Because of our outstanding performance in the first half of the year and our confidence moving forward, we are increasing our guidance for full-year earnings per share," said Brian Cornell, chairman and CEO of Target.

For both the third quarter and second half of 2019, Target expects comparable sales growth in line with the 3.4 per cent comparable sales growth the company delivered in the second quarter of 2019. For the third quarter, the company expects both GAAP EPS from continuing operations and adjusted EPS of $1.04 to $1.24.

For full-year 2019, Target now expects GAAP EPS from continuing operations and adjusted EPS of $5.90 to $6.20 compared with the prior range of $5.75 to $6.05. (PC)

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