Target Corp. added to the evidence of a retail slowdown after COVID-19 highs, reporting the second-quarter rate of sales growth that slowed, though results beat expectations.Target’s TGT, -2.90% second-quarter net income totaled $1.82 billion, or $3.65 per share, up from $1.69 billion, or $3.35 per share, last year. Adjusted EPS of $3.64 beat the FactSet consensus for $3.51.
Digital comparable sales were up 10%, with same-day services such as order pickup and Drive Up popular with customers. . Buybacks under this new program will begin with the previous program, authorized in 2019, is complete. There was $1.8 billion remaining in that previous program at the end of the second quarter.
On Tuesday, Walmart Inc. WMT, -0.03% reported earnings and sales that missed expectations, but digital sales growth dropped to 6% after nearly doubling the previous year.See: Walmart and Home Depot beat earnings expectations but a number of factors are putting a squeeze on the consumer shopping spree