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Energy : Oil, Gas & Consumable Fuels | Mid Cap Value
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APA Corporation is an energy holding company. The Company operates through its subsidiaries: Apache Corporation and APA Corporation Suriname. It explores for and produces oil and gas. The Company's production segments include in the United States, Egypt's Western Desert and the United Kingdom's North Sea and Suriname. The Company's United States operations and interests are focused in the Permian Basin. The Company also includes assets in the East Texas Eagle Ford/Austin Chalk, the Gulf Coast and the Gulf of Mexico. Egypt includes onshore conventional assets located in Egypt's Western Desert; and the North Sea, which includes offshore assets based in the United Kingdom. Suriname includes offshore exploration activities.


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Target earnings and revenue beat expectations, announces $15 billion share buyback program

2:22 pm ET August 18, 2021 (MarketWatch)

Tonya Garcia

Target says back-to-school is off to a great start and emphasize Q2 same-store sales growth of 8.9%

Target Corp. added to the evidence of a retail slowdown after COVID-19 highs, reporting the second-quarter rate of sales growth that slowed, though results beat expectations.

The discount retailer's stock fell 1.8% in Wednesday trading.

Target's (TGT) second-quarter net income totaled $1.82 billion, or $3.65 per share, up from $1.69 billion, or $3.35 per share, last year. Adjusted EPS of $3.64 beat the FactSet consensus for $3.51.

Revenue came in at $25.16 billion, up 9.5% from $22.98 billion last year and also ahead of the FactSet consensus for $24.99 billion, following 23.3% growth in the first quarter. Same-store sales growth of 8.9% was ahead of the FactSet consensus for 8.8%, following a 22.9% rise in the first quarter.

Digital comparable sales were up 10%, with same-day services such as order pickup and Drive Up popular with customers.

More than 95% of Target's second-quarter sales were fulfilled by stores, and more than half of all Target customers used one of the company's same-day services to fulfill their digital order.

Read:Dow, S&P 500 snap run of record highs as stocks end lower after disappointing retail sales (https://www.marketwatch.com/story/u-s-stock-futures-fall-ahead-of-retail-sales-data-11629193943?mod=home-page)

For the second half of the year, Target expects comparable sales to grow in the high-single digit range, on the high end of previous guidance (https://www.marketwatch.com/story/target-adjusted-earnings-owned-brand-sales-reach-a-record-11621420263?mod=mw_quote_news_seemore).

Target's board has authorized a new $15 billion share repurchase program. Buybacks under this new program will begin with the previous program, authorized in 2019, is complete. There was $1.8 billion remaining in that previous program at the end of the second quarter.

While the results beat expectations, they also provide further evidence of a shopping slowdown from COVID-19 highs. Same-store sales during the same period last year rose 10.9%. Digital comparable sales soared 195% in 2020.

On Tuesday, Walmart Inc. (WMT) reported earnings and sales that missed expectations, but digital sales growth dropped to 6% after nearly doubling the previous year.

And Home Depot Inc. (HD) missed on same-store sales for the most recent quarter.

See: Walmart and Home Depot beat earnings expectations but a number of factors are putting a squeeze on the consumer shopping spree (https://www.marketwatch.com/story/walmart-and-home-depot-beat-earnings-expectations-but-a-number-of-factors-are-putting-a-squeeze-on-the-consumer-shopping-spree-11629221748?mod=mw_quote_news)

Retail sales data also showed a 1.1% decline (https://www.marketwatch.com/story/u-s-retail-sales-slump-1-1-due-to-shortage-of-cars-and-shift-in-consumer-spending-11629204065?mod=mw_latestnews&mod=article_inline) for the month of June as shoppers headed out to restaurants, events and took vacations rather than purchased goods.

Target Chief Executive Brian Cornell described a "healthy and resilient customer" on a call with media, noting "no adjustment in consumer behavior through the new [delta] variant."

And back-to-school and back-to-college are off to a strong start, which has persisted into the third quarter.

"They continue to shop stores and all categories," he said.

Target stock has gained 41.5% for the year to date while the S&P 500 index is up 18% for 2021 so far.

-Tonya Garcia


(END) Dow Jones Newswires

August 18, 2021 14:22 ET (18:22 GMT)

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