Target shares surge on same-day delivery boost

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Target Corp beat expectations for earnings and raised its full-year outlook on Wednesday as its investments in same-day delivery and pick-up services increased traffic to its website and stores, sending shares 19% higher.

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(Reuters) – Target Corp beat expectations for earnings and raised its full-year outlook on Wednesday as its investments in same-day delivery and pick-up services increased traffic to its website and stores, sending shares 19% higher.

FILE PHOTO: An empty shopping cart stands outside a target store during a Black Friday sales event in Westbury, New York, U.S., November 23, 2018. REUTERS/Shannon Stapleton

Earlier this week, the company said it was starting a new food and beverage brand, Good & Gather, that would hit stores in September.

Target expects full-year adjusted profit to be between $5.90 and $6.20 per share, up from the prior range of $5.75 to $6.05 per share. The outlook accounted for potential additional U.S. tariffs on Chinese imports.

Excluding certain items, it earned $1.82 per share, beating the average analyst estimate by 20 cents. Total revenue rose 3.6% to $18.42 billion, above expectations of $18.34 billion.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta and Arun Koyyur


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Target Corp beat expectations for earnings and raised its full-year outlook on Wednesday as its investments in same-day delivery and pick-up services increased traffic to its website and stores, sending shares 19% higher.

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