Target earnings beat, stock spikes

Target reported second quarter earnings on Wednesday morning with a beat on earnings expectations.

The retail giant posted adjusted earnings per share of $1.22, above its expected range, and ahead of the consensus forecast for $1.11 according to Bloomberg.

Comparable store sales, at locations open for at least one year, rose 2.4%, beating the market expectation for 2.3%.

The company also raised its earnings expectations for the year, with adjusted EPS now forecast at between $4.60 and $4.75, compared to $4.50 and $4.65 previously guided.

CEO Brian Cornell said in the statement, "We're very pleased with our second quarter financial results, as traffic growth, strong sales in our signature categories and continued expense discipline drove better-than-expected profitability."

In premarket trading, the stock jumped more than 4%.

More to come ...