Shares of Target soared 18% to a record high on Wednesday after second quarter earnings outperformed forecasts, according to Business Insider.
Target’s revenue for the second quarter was $18.42 billion instead of the $18.25 billion forecasted by analysts. Profit was up to $1.32 billion, a 17% increase from last years second quarter results. Earnings per share was at $1.82 compared to the $1.62 estimated by analysts.
Added convenience from Target like pick-up, drive-up and same-day delivery added close to 1.5% of its same-store sales growth. Online sales through digital channels increased 34% in the second-quarter.
Chief Executive Officer Brian Cornell said, "By appealing to shoppers through a compelling assortment, a suite of convenience-driven fulfillment options, competitive prices and an enjoyable shopping experience, we're increasing Target's relevancy and deepening the relationship between our guests and our brand."
Online sales increases are a result of Target’s efforts to better compete with retailers with big online presence like Amazon and Walmart. Both Amazon and Walmart have made aggressive pushes to gain market share in the grocery-delivery space in the past few years.