Target (TGT) Tops Q1 EPS by 3c
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Target (NYSE: TGT) reports Q1 EPS of $0.74, versus the consensus of $0.71. Revenues came in at $14.3 billion, versus the consensus of $14.92 billion.
The company also announced today that the transaction to sell an undivided interest in approximately 47 percent of its credit card receivables to JPMorgan Chase for cash proceeds of about $3.6 billion was completed on Monday, May 19, 2008.
Target expect to complete half or more of the $10 billion share buyback authorization by the end of 2008. Program-to-date through the end of the first quarter, the company has acquired approximately 57.0 million shares of its common stock at an average price per share of $52.98, reflecting a total investment of approximately $3.0 billion.
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