Operating giant retail stores that sell everything are en vogue again on Wall Street.
Target (TGT) - Get Target Corporation Report CEO Brian Cornell tells me the company's efforts in same-day delivery and ship from store are giving it a huge advantage in the battle with online foes like Amazon (AMZN) - Get Amazon.com, Inc. Report . Cornell didn't go as far as to say Target and rival Walmart (WMT) - Get Walmart Inc. Report have cracked the retail code of successfully integrating physical stores with digital stores, but hinted his outfit is coming close.
And the numbers prove it.
Target posted adjusted earnings per share of $1.47 for the second quarter on Wednesday, which handily beat Wall Street expectations of $1.40. The company's 6.4% increase in traffic growth is the strongest number it has posted since it started reporting the metric in 2008.
It also announced comparable sales growth of 6.5%, which is the largest increase in 13 years. Wall Street anticipated a 3.9% increase.
Online sales spiked 41% from the prior year.
Walmart was no slouch in the second quarter either, notching 4.5% U.S. same-store sales growth. Similar to Target, Walmart benefited from initiatives to fuse online and physical store shopping.
Target is TheStreet's sister publication Real Money's 'Stock of the Day.'