Target Corp (NYSE:TGT) shares are trading higher Thursday in sympathy with Walmart Inc (NYSE:WMT), which reported better-than-expected earnings results for the first quarter.
What Happened With WMT: Walmart shares jumped more than 6% Thursday morning on the heels of the company's first-quarter financial results.
Walmart beat estimates on the top and bottom lines, reporting first-quarter revenue of $161.508 billion versus estimates of $159.502 billion, and first-quarter earnings per share of 60 cents versus estimates for 52 cents.
Walmart issued guidance for second-quarter earnings per share of 62 to 65 cents versus estimates of 64 cents. The company also said it expects full-year consolidated net sales and full-year adjusted earnings to be at the high end or slightly above its original guidance.
"Our team delivered a great quarter. Around the world our goal is simple – we're focused on saving our customers both money and time ... We're people-led and tech-powered, and that combination is propelling our business," said Doug McMillon, president and CEO of Walmart.
What To Expect From TGT: The strength in Walmart shares Thursday morning is spilling into Target stock. Target is due to report its first-quarter financial results before the market open on May 22.
According to estimates from Benzinga Pro, Target is expected to report earnings per share of $2.02 and quarterly revenue of $24.51 billion.
Last quarter, Target beat analyst estimates on the top and bottom lines, reporting revenue of $31.92 billion versus estimates of $31.83 billion, and earnings per share of $2.98 versus estimates of $2.41.
"Looking ahead, we'll continue to invest in the strengths and differentiators that have delivered strong financial performance over time," said Brian Cornell, chairman and CEO of Target.
"We'll also roll out fresh innovations, including our new Target Circle membership program, as part of our roadmap for growth aimed at meeting consumers where they are, reigniting sales, traffic and market share gains, and positioning Target for profitable growth in 2024 and beyond."
TGT Price Action: Target shares were up 1.64% at $160.10 at the time of publication, according to Benzinga Pro.