Home / Knowledge / News / Apparel/Garments / Adjusted EPS at Target Corp soars 20.6% in Q2FY16
Adjusted EPS at Target Corp soars 20.6% in Q2FY16
20
Aug '15
Adjusted earnings per share (EPS) from continuing operations for the three months to August 1, 2015 soared 20.6 per cent year over year to $1.22 at NYSE listed retailer Target Corporation.

“GAAP EPS from continuing operations were $1.21, compared with $0.61 in second quarter 2014,” a press release from Target Corp informed.

Second quarter of fiscal 2016 sales increased 2.8 per cent to $17.4 billion from $17.0 billion in the prior fiscal second quarter. Comparable sales combined with sales from new stores grew 2.4 per cent.

Target added that its digital channel sales surged 30 per cent from a fiscal ago period and contributed 0.6 percentage points to comparable sales growth.

Segment earnings before interest expense and income taxes (EBIT) were $1,350 million in the reporting quarter 2015, up 17.5 per cent from $1,149 million in the same quarter of previous fiscal.

EBITDA and EBIT margin rates were 10.9 per cent and 7.7 per cent, respectively in the quarter under review compared with 9.9 per cent and 6.8 per cent.

Second quarter of fiscal 2016 gross margin rate stood at 30.9 per cent as against 30.4 per cent, reflecting the benefit of annualising heightened promotional markdowns in second quarter of fiscal 2015.

SG&A expense rate amounted to 19.9 per cent in the reporting period vis-à-vis 20.5 per cent in the second quarter of fiscal 2015, reflecting ongoing cost savings initiatives and expense timing.

The Company's second quarter of fiscal 2016 net interest expense was $148 million, compared with $433 million last fiscal's corresponding quarter.

Last year's second interest expense included a $285 million charge related to the early retirement of debt.

In the three months to August 1, 2015, the Company repurchased 8.2 million shares of common stock at an average price of $81.94, for a total investment of $675 million.

The retailer also paid dividends of $331 million during the quarter, an increase of 22 per cent from $272 million in the same quarter of earlier fiscal.

In total, the Company returned $1,006 million to shareholders in the second quarter of fiscal 2016, representing more than 133 per cent of net income.

Year-to-date, the company has repurchased 15.2 million shares at an average price of $81.41, for a total investment of $1.2 billion.

Under the current $10 billion share repurchase program, Target has repurchased 65.1 million shares of common stock at an average price of $67.19, for a total investment of approximately $4.4 billion.

In the third quarter of fiscal 2016, Target expects adjusted EPS of $0.79 to $0.89 compared with $0.79 in third quarter of fiscal 2015.

It has also hiked its full fiscal 2016 adjusted EPS guidance to $4.60 to $4.75 as against prior guidance of $4.50 to $4.65. (AR)

Fibre2Fashion News Desk – India

Must ReadView All

Apparel/Garments | On 28th May 2017

Over 45% US retailers to use AI in next 3 years: Report

Over 45 per cent retailers in the US plan to utilise artificial...

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Apparel/Garments | On 28th May 2017

Naked Brand, Bendon sign agreement to reorganise

Naked Brand Group, a fashion and lifestyle brand, and Bendon Limited, ...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search