• Q2 net income flat at US$704m 
  • Retail sales rose 3.5% to $16.5bn
  • Comparable store sales increased 3.1%

General merchandise retailer Target has raised its full-year earnings expectations on the back of strong second-quarter results. 

The company has raised its full-year guidance by US$0.05 and now expects adjusted EPS to reach $4.65-4.85 and GAAP EPS to be between $4.20-4.40.

The company today (15 August) recorded flat second-quarter net income at US$704m on the back of a 3.5% increase in retail sales to reach $16.5bn. Comparable store sales increased 3.1% over the quarter. 

"We're pleased with Target's strong second quarter financial performance, which reflects a continued focus on delivering an outstanding experience for our guests and disciplined execution of our strategy," said chairman, president and CEO Gregg Steinhafel.

"In addition, we're very pleased with the initial response to the July opening of our first three CityTarget locations in Seattle, Los Angeles and Chicago. We look forward to serving guests in these dense urban areas with an exciting store format and uniquely-tailored assortment."