Target 2026 earnings and tariff refund boost
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Target reports $1bn boost from tariff refunds
Trump has threatened to impose a 50% levy on nearly $20bn (C$28bn) worth of imports from Canada
Target's second quarter operating income doubled to $2.6bn from $1.3bn a year earlier
Target sources 30% of its store-label goods from China, down from 60% in 2017
“While there's still meaningful work ahead, we're encouraged by the progress we're making and remain focused on executing with discipline,”
Target reports earnings beat, CEO encouraged by turnaround
Target's comparable sales increased 3.8% year over year in the second quarter.
Target's digital comparable sales increased 8.7% in the second quarter.
Target's diluted earnings per share was $4.11 in the second quarter.
“We laid out a plan for the year that had a lot of change in it — more change to what we were selling and how we were going to sell it than in the last decade. And a couple of quarters in, it's great to see a strong guest response to some of the places we're making changes.”
US retail giant receives $1bn boost from tariff refunds
Target received a $994 million pre-tax tariff reimbursement from the US government.
Target CFO Jim Lee said the company has and will continue to invest in price.
A Supreme Court ruling declared a wave of President Donald Trump's import tariffs unlawful.
“While there's still meaningful work ahead, we're encouraged by the progress we're making and remain focused on executing with discipline,”
Target reports turnaround progress and tariff refund
Target expects full-year EPS including tariff refunds of $9.90 to $10.90, and $8.25 to $9.25 excluding the repayment, versus a previous outlook of $7.50 to $8.50
Target raised its full-year net sales growth guidance to about 5%, an increase of 1 percentage point
Target said all six of its major merchandise categories grew, with strength in food and beauty, while apparel and home lagged
“Q2 is an important step forward in the plan we laid out earlier this year to open a new chapter of growth for Target. What you saw from us this quarter reflects the level of change we knew would be needed to put our strategy in motion.”