Target (TGT) Tops Q1 EPS by 30c, Beats on Revenues
Target (NYSE: TGT) reported Q1 EPS of $1.21, $0.30 better than the analyst estimate of $0.91. Revenue for the quarter came in at $16 billion versus the consensus estimate of $15.62 billion.
GAAP EPS from continuing operations of $1.22 and Adjusted EPS1 of $1.21 were above the Company’s guidance of $0.80 to $1.00
Fiscal 2017 Earnings Guidance
In second quarter 2017, Target expects a low single digit decline in comparable sales, and both GAAP EPS from continuing operations and Adjusted EPS of $0.95 to $1.15.
For full-year 2017, the Company continues to expect a low single digit decline in comparable sales.
Target did not update its full year guidance for GAAP EPS from continuing operations and Adjusted EPS, but acknowledged that better-than-expected first quarter performance increases the probability that the Company will finish the year above the midpoint of its prior guidance.
- First quarter GAAP EPS from continuing operations of $1.22 was 20.0 percent higher than first quarter 2016. First quarter 2016 performance included $0.26 of debt-retirement costs.
- Adjusted EPS was $1.21, 6.1 percent below first quarter 2016.
- First quarter comparable sales decreased 1.3 percent, driven by small declines in both traffic and basket size.
- Comparable digital channel sales increased 22 percent, on top of 23 percent growth in first quarter 2016.
- Target returned $637 million to shareholders in the first quarter through dividends and share repurchases.
For earnings history and earnings-related data on Target (TGT) click here.