Target Corporation, which operates over 1,793 stores, has reported that its GAAP earnings per share (EPS) from continuing operations totalled US $ 1.02 in the first quarter of the year, compared with US $ 1.01 in the same period last year.
In the period under review, sales plunged 5.4 per cent to US $ 16.2 billion from US $ 17.1 billion last year. EBITDA and EBIT margin rates in the first quarter were 11.5 per cent and 8.2 per cent, respectively, as against 10.5 per cent and 7.4 per cent, respectively, in 2015.
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Commenting on the results, Brian Cornell, Chairman and CEO of Target said, “We are pleased with our first quarter financial results, which demonstrate the effectiveness of our strategy in an increasingly volatile consumer environment. First quarter comparable sales in Signature Categories grew more than three times the Company average, digital comparable sales grew 23 per cent, and strong execution by our team delivered stronger-than-expected growth in Adjusted EPS. With an outstanding team, a resilient business model and a strong balance sheet, we plan to successfully implement our long-term strategy, even in the face of a challenging short-term consumer landscape.”
The retailer expects comparable sales of flat to down two per cent, and Adjusted EPS of US $ 1.00 to US $ 1.20 in the second quarter of the current fiscal.
