On August 18th, Target Corporation (TGT) reported financial results for the second quarter of FY 2021 ending July 31st.  For the period, revenue increased by 9.4 percent to $25,160 million compared to $22,975 million for the corresponding quarter ending on August 1st 2020. Net earnings increased by 7.4 percent to $1,817 million compared to $1,690 million.  EPS rose 8.9 percent to $3.65 compared to $3.35 in Q2 of 2020.  Same-store comparable sales increased by 8.7 percent driven by increased traffic.  Digital comparable sales grew 10 percent.

In commenting on second quarter results, Brian Cornell, Chairman and CEO stated, "our business generated continued growth on top of record increases a year ago, reinforcing Target's leadership position in retail".  He added, "even after unprecedented growth over the last two years we seen much more opportunity ahead of us and we are leaning into opportunities to invest in the long-term growth and resiliency of our business".

Target provided an expectation of high single-digit growth in comparable sales for the second half of 2021.  Full-year operating income rate will be eight percent or higher.  Target posted total assets of $51,385 million with long-term debt and lease liabilities of $15,957 million with a market capitalization of $122,484 million.

TGT has traded over the past fifty-two weeks in a range of $143.38 to $267.06 with a 50-day moving average of $255.34.  On a trailing twelve-month basis, the company achieved an operating margin of 8.5 percent and a profit margin of 6.3 percent.  Over the past 12 months Target has generated a return on assets of 10.9 percent and 47.3 percent on equity.

Despite advances on both the top and bottom lines, Target lost 2.8 percent in share value through Wednesday, trading on a decidedly down-market day in which the S&P was down one percent following release of Fed minutes for the most recent meeting.