“Target’s second quarter financial results benefited from disciplined execution of our strategy and strong expense control, offsetting softer-than-expected sales,” said Gregg Steinhafel, chairman, president, and chief executive officer of Target Corporation. “For the balance of this year, our U.S. outlook envisions continued cautious spending by consumers in the face of ongoing household budget pressures. In Canada, where we are only five months into our market launch, we continue to learn, adjust and refine operations in our existing stores as we prepare to open another 56 stores by year-end.”
Fiscal 2013 Earnings Guidance
In third quarter 2013, the Company expects adjusted EPS of $0.80 to $0.90 and GAAP EPS of $0.55 to $0.65. The 25-cent difference between the adjusted and GAAP EPS ranges reflects expected dilution of approximately (22) cents related to Canadian operations and (3) cents related to the expected reduction in the beneficial interest asset1.
For full-year 2013, Target now expects adjusted EPS will be near the low end of its previous guidance of $4.70 to $4.90. GAAP EPS is expected to be approximately 95 cents lower than adjusted EPS, due to:
Expected EPS dilution related to the Canadian Segment of approximately (82) cents;
Losses related to the early retirement of debt of (42) cents per share, and;
Net accounting gains of approximately 29 cents associated with the sale of Target’s entire consumer credit card receivables portfolio to TD Bank Group.
1See the “Accounting Considerations” section of this release for more information related to the beneficial interest asset.
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