Target Corp., in a strong first quarter showing that beat Wall Street estimates, reported net earnings of $795 million, a 10.8 percent increase over the $718 million earned in the year-ago period.
Earnings per share, on an adjusted basis, came in at $1.53, versus the $1.43 expected by Wall Street.
First-quarter comparable sales grew 4.8 percent on traffic growth of 4.3 percent, the company said Wednesday.
Comparable digital sale grew 42 percent.
The operating income rose 9 percent to $1.14 billion.
“Target had an outstanding first quarter, as our team delivered a great experience for our guests and drove strong growth in traffic, comparable sales, operating income and earnings per share,” said Brian Cornell, chairman and chief executive officer.
“Over the last two years, we have made important investments to build a durable operating and financial model that drives consumer relevance and sustainable growth,” Cornell added. “Target’s first-quarter performance and market-share gains demonstrate that the model is working. Throughout this year, we will continue to extend the reach of our same-day fulfillment options, strengthen our portfolio of owned and exclusive brands, remodel and open more stores and invest in our team. We’re confident that we’re well-positioned to deliver strong financial performance in 2019 and beyond.”
Target expects low- to midsingle-digit comparable sales growth in the second quarter, and the same is expected for the year overall.