.Target continues to outperform across all channels as shoppers prepare to head back to school.
“Target split the bullseye in Q2 with impressive results across the board, especially when considering they came on top of the potential ‘lightning strike’ performance of Q2 2020 and continue to reflect the significant leveraging of its store base, with over 95 percent of sales fulfilled in someby its stores, confirming the soundness of its ongoing four-plus year investment program in its stores,” said Charlie O’Shea, Moody’s vice president.
“Target’s 2Q [fiscal year] 2021 comps improved, [up] 8.9 percent [year-over-year], slightly ahead of the Street’s 8.8 percent [increase] estimate, but did miss Cowen’s elevated 10 percent [increase] estimate,” Oliver Chen, managing director and senior equity research analyst covering retail and luxury goods, wrote in a note. “Meanwhile, baskets declined, , and slowed slightly to [an increase of] 15.4 percent on a 2-year basis, from [an increase of] 17.5 percent in 1Q.
“In addition, our year-to-date income tax payments are more than $1 billion higher than at this time last year, given the volatility in our taxable income through the first half of last year,” said Michael Fiddelke, executive vice president and chief financial officer of Target.
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