Target Quarterly Profit Doubles to $1.88 Billion. Is the Turnaround Finally Taking Hold?

Target reported strong Q2 earnings with profit doubling to $1.88 billion, driven by 3.8% comparable sales growth and a 3.6% increase in store traffic. The retailer beat revenue estimates at $26.54 billion and raised full-year guidance, crediting successful initiatives like Fun 101 (hardlines overhaul) and expanded product offerings in food, beverage, and baby categories. New CEO Michael Fiddelke's strategies are showing results, with the company trading at a P/E ratio below 20 and offering a 3% dividend yield.