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Target Stock Soars 20% as Earnings Growth Accelerates

TheMotleyFool

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Target Stock Soars 20% as Earnings Growth Accelerates

Target (NYSE: TGT) posted its best quarterly performance in years during the first quarter of fiscal 2019. Comparable sales rose 4.8% and Target's operating margin expanded slightly, driving 9% growth in operating income and a 16% surge in adjusted earnings per share (EPS). EPS surpassed the high end of the company's guidance range by $0.01, reaching $1.53.

The discount retail giant outdid itself in the second quarter. On Wednesday morning, Target reported that, while sales growth slowed a bit last quarter, EPS skyrocketed more than 20% year over year. This stellar performance caused Target stock to jump 20% on Wednesday, hitting a new all-time high above $100.