Target (TGT) Tops Q2 EPS by 11c; Comps Fell 1.1%; FY16 EPS Outlook Trimmed
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Target Reports Second Quarter 2016 Earnings
August 17, 2016 6:30 AM EDTBetter-than-expected profitability; comparable sales in line with guidance
Second quarter GAAP EPS from continuing operations of $1.07 and Adjusted EPS of $1.23 were above the high end of guidance1. The Company is on pace to exceed its goal to save $2 billion in costs over the 2-year period ending in 2016. Second quarter comparable sales decreased 1.1 percent, in line with guidance of flat to down 2 percent. Comparable sales growth in Signature Categories outpaced total comparable sales by approximately 3 percentage points; digital channel sales increased 16 percent.... More