The increase to ROIC was driven primarily by increased profitability combined with a small decrease in capital base. Cornell said he just saw numbers estimating that 66% of U.S. students are starting out the school year remotely. Target's earnings topped Wall Street's estimates, as its sales got a lift from a strong holiday season and store traffic picked up in January.. Shares closed down 6.77% to $173.49 on Tuesday. He said that relationship with customers has "been one of the big drivers behind our success.". Minneapolis, MN 55403 (800) 775-3110 email investors, EQ Shareowner Services On March 25, 2020, the Company announced that it had suspended share repurchase activity as a result of the high level of uncertainty in the current environment. Aug 19, 2020 6:33AM EDT (RTTNews) - Target Corp. (TGT) announced earnings for its second quarter that rose from last year. Total short-term and long-term operating lease liabilities included within Accrued and Other Current Liabilities and Noncurrent Operating Lease Liabilities. CEO Brian Cornell said the retailer attracted 10 million new digital customers and picked up $5 billion in market share in the first half of the year. Seagate chief executive Dave Mosley said the company saw strong customer demand for its mass capacity products. The Company's second quarter 2020 net interest expense was $122 million, compared with $120 million last year. The most important risks and uncertainties are described in Item 1A of the Company's Form 10-K for the fiscal year ended Feb. 1, 2020 and Item 1A of the Company's Form 10-Q for the fiscal quarter ended May 2, 2020. Second quarter SG&A expense rate was 19.4 percent in 2020, compared with 21.2 percent in 2019, reflecting higher compensation costs, including investments in wages and benefits, which were more than offset by the net impact of other factors, most prominently the leverage from strong sales growth. These measures are not in accordance with, or an alternative for, GAAP. Target Corporation reported second quarter 2020 earnings results today. Target's sales online and at stores open for at least a year climbed by 24.3% during the quarter ended Aug. 1 — an all-time high for the retailer. Target on Wednesday reported quarterly earnings that blew past Wall Street's expectations for the retailer. Second quarter operating income margin rate was 10.0 percent in 2020 compared with 7.2 percent in 2019, driven primarily by strong expense leverage on robust topline performance. For more on the Target Foundation, click here. Cornell did not provide a financial outlook for the rest of the year, saying it's hard to predict shopping patterns in light of the pandemic. Mendota Heights, MN 55120-4100 (800) 794-9871, shareowneronline.com Opens in a new window. Target (symbol TGT) reported Q2 2020 earnings in a conference call on August 19. This surge comes after reporting revenue … Welcome to the Target Corporation second-quarter earnings release conference call. Target, which belongs to the Zacks Retail - Discount Stores industry, posted revenues of $22.98 billion for the quarter ended July 2020, surpassing the Zacks Consensus Estimate by 13.54%. Operating income was $2.3 billion in second quarter 2020, up 73.8 percent from $1.3 billion in 2019. (millions, except per share data) (unaudited), GAAP diluted earnings per share from continuing operations, Adjusted diluted earnings per share from continuing operations. Earnings from continuing operations before interest expense and income taxes (EBIT) and earnings from continuing operations before interest expense, income taxes, depreciation and amortization (EBITDA) are non-GAAP financial measures. +24.3% Comparable Sales (an all-time record) +195% Comparable Digital Sales +10.9% Comparable Store Sales. The company's total revenue rose 24.7% to $23 billion from $18.42 billion a year prior, beating analysts' expectations of $20.09 billion. The company's online offerings were especially popular. Box 64874 Good morning, everyone, and welcome to Target Hospitality second quarter 2020 earnings call. The Company reported GAAP earnings per share (EPS) from continuing operations of $3.35 in the second quarter, an increase of 84.4 percent from $1.82 in 2019. Here are a few more areas we suggest you explore: Do Not Sell My Personal Information - CA Resident Only. Target (TGT) Q2 2020 earnings blow away estimates. Common Stock  Authorized 6,000,000,000 shares, $0.0833 par value; 500,252,831, 504,198,962 and 511,335,375 shares issued and outstanding as of August 1, 2020, February 1, 2020, and August 3, 2019, respectively. Same-store sales climbed by 10.9% while the company's digital sales nearly tripled from a year earlier. Target’s chairman and CEO Brian Cornell additionally noted the company has added $5 billion in market share in the first six months of 2020, during which time it … [Operator Instructions]. … P.O. Adjusted EPS rose nearly 86% to $3.38. "Our second quarter comparable sales growth of 24.3 percent is the strongest we have ever reported, which is a true testament to the resilience of our team and the durability of our business model. Second quarter operating income margin rate was 10.0 percent in 2020 compared with 7.2 percent in 2019, driven primarily by strong expense leverage on robust topline performance. 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