Target Corporation reported first quarter net earnings of $418 million, or $0.66 per share. Adjusted earnings per share were $0.70 in first quarter 2014, a decrease of 13.9 percent from $0.82 in 2013.
Target Corporation reported first quarter net earnings of $418 million, or $0.66 per share. Adjusted earnings per share were $0.70 in first quarter #
Highlights:
-First quarter Adjusted EPS of $0.70; GAAP EPS of $0.66
-First quarter Adjusted EPS of 70 cents was above the mid-point of Target’s prior guidance of 60 cents to 75 cents.
-Target’s U.S. comparable sales decreased (0.3)% in the first quarter, near the high end of the expected range. Canadian Segment sales were $393 million, up from $86 million last year.
-The Company returned $272 million to shareholders through dividends in first quarter 2014, representing 65% of net earnings.
Target Corporation reported first quarter net earnings of $418 million, or $0.66 per share. Adjusted earnings per share were $0.70 in first quarter #
Fiscal 2014 Earnings Guidance
In second quarter 2014, the Company expects Adjusted EPS, reflecting operating results in its U.S. and Canadian Segments, of 85 cents to $1.00. This measure excludes approximately (2) cents related to the expected reduction of the beneficial interest asset, as well as any net expenses related to the data breach.
Target Corporation reported first quarter net earnings of $418 million, or $0.66 per share. Adjusted earnings per share were $0.70 in first quarter #
For full-year 2014, Target now expects Adjusted EPS, reflecting operating results in its U.S. and Canadian Segments, of $3.60 to $3.90, compared with prior guidance of $3.85 to $4.15. This measure excludes approximately (7) cents related to the expected reduction of the beneficial interest asset2, as well as any net expenses related to the data breach.
Target Corporation reported first quarter net earnings of $418 million, or $0.66 per share. Adjusted earnings per share were $0.70 in first quarter #
At this time, the Company is unable to estimate future expenses related to the data breach that occurred in fourth quarter 2013. Expenses may include payments associated with potential claims by the payment card networks for alleged counterfeit fraud losses and non-ordinary course operating expenses (such as card re-issuance costs), REDcard fraud and card re-issuance expense, payments associated with civil litigation, governmental investigations and enforcement proceedings, expenses for legal, investigative and consulting fees, and incremental expenses and capital investments for remediation activities. These costs may have a material adverse effect on Target’s results of operations in second quarter and full-year 2014 and future periods.
Target Corporation reported first quarter net earnings of $418 million, or $0.66 per share. Adjusted earnings per share were $0.70 in first quarter #
“First quarter financial performance in both our U.S. and Canadian Segments was in line with expectations, reflecting the benefit of continued recovery from the data breach and early signs of improvement in our Canada operations,” said John Mulligan, Interim President and CEO, CFO of Target Corporation.
Target Corporation reported first quarter net earnings of $418 million, or $0.66 per share. Adjusted earnings per share were $0.70 in first quarter #
Target Corporation reported first quarter net earnings of $418 million, or $0.66 per share. Adjusted earnings per share were $0.70 in first quarter #
Target