Real Money Stock of the Day Target (TGT) - Get Report came in with stronger-than-expected earnings, which helped to ease investor fears about the impact of tariffs on U.S. retailers after earnings from companies such as Kohl's (KSS) - Get Report came in below expectations.
Target said adjusted earnings came in at $1.53 per share, beating analyst expectations of $1.43 per share. Group sales, Target said, rose just under 1% to $17.627 billion and beat analysts' forecast. And same-store sales growth marked the ninth consecutive quarterly gain.
"[Target CEO] Brian Cornell said that he was going to have the best online...and pick up in store. He said he was going to do the best of that. He was going to say that he had the most fresh merchandise. He's going to say that he had the best private label. He's going to say that the small format is a big winner and everything he said came true," said Jim Cramer.
"Wow. I think if you stick with [Lowe's CEO Marvin] Ellison it will, then it will eventually be like that. But you know, [Cornell] made me go to a small form store--I went to the Philadelphia one--he made me go to the giant new Target in Minneapolis. They're just doing a lot right. And that's Brian. He works very hard. He's really got it right. Congratulations to Brian Cornell. Really fabulous," Cramer added.