Adjusted earnings per share, a measure the Company believes is useful in providing period-to-period comparisons of the results of its U.S. operations, were $0.84 in third quarter 2013, down 6.0 percent from $0.90 in 2012.
- While Target’s third quarter U.S. comparable sales increase of 0.9 percent was near the low end of prior guidance, adjusted earnings per share of $0.84 were near the mid-point of the expected range
- Third quarter GAAP earnings per share of $0.54 were below expectations as a result of higher than-expected dilution of (29) cents related to the Canadian Segment
- Target opened 32 stores in the third quarter – 23 in Canada and 9 in the U.S.; the Company remains on track to have 124 Canadian Target stores open by year end
Fiscal 2013 Earnings Guidance
In fourth quarter 2013, the Company expects adjusted EPS of $1.50 to $1.60, Canadian Segment dilution of (22) to (32) cents and (2) cents related to the expected reduction in the beneficial interest asset. This performance would lead to fourth quarter GAAP EPS in a range centered around $1.26.
For full-year 2013, Target now expects adjusted EPS of $4.59 to $4.69, Canadian Segment dilution of ($0.95) to ($1.05) and a net impact of approximately (12) cents related to:
- Losses related to the early retirement of debt of (42) cents per share, and;
- Net accounting gains of approximately 28 cents associated with the sale of Target’s entire consumer credit card receivables portfolio to TD Bank Group, and;
- Non-recurring tax benefits of approximately 2 cents.
This performance would lead to full-year 2013 GAAP EPS in a range centered around $3.52.
“Target’s third quarter financial results reflect continued strong execution in our U.S. Segment in an environment where consumer spending remains constrained,” said Gregg Steinhafel, chairman, president, and chief executive officer of Target Corporation.
“As our focus shifts to the fourth quarter, we are intently focused on delivering outstanding merchandise, an easy, fun shopping experience and an unbeatable combination of everyday low prices, weekly ad discounts, 5% REDcard Rewards and price match policies throughout the U.S. and Canada. And, in our Canadian Segment, we are also focused on improving performance as we transition from opening to operating our 124 stores.”
Click here to read full results
Apparel/Garments | On 26th Jun 2017
E-commerce operators and TDS (tax deducted at source) deductors can...
Textiles | On 26th Jun 2017
The Tiruppur Exporters' Association (TEA) has again urged Union...
Textiles | On 26th Jun 2017
The export promotion schemes will continue under GST regime, said...
We are spending double digit figures on R&D
‘Portugal is taking away a major share of the mill made sector.’
Setting up a brand for online selling is easy, but running the brand is not
Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...
Iago Castro Asensio
RCfil Distribuciones S.L.
Iago Castro Asensio, International Business Manager of RCfil...
Voith Paper GmbH & Co. KG
The glass mat industry is growing by five to eight per cent annually. Kai...
Label Ritu Kumar
‘Classics will return’ "There are a lot of people wearing western clothes ...
"We should not compare India and the West. There are things we do that...
<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...