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Target Corp reports 11.6% drop in Q2FY17 GAAP EPS
Aug '16
US retailer Target Corporation reported a 11.6 per cent year over year drop in GAAP earnings per share from continuing operations at $1.07 in the three months ended July 30, 2016.

However, the second quarter of fiscal 2017 adjusted earnings per share from continuing operations, which exclude $161 million of pre-tax early debt retirement losses, were $1.23, up 0.5 per cent.

In the reporting quarter, sales declined 7.2 per cent to $16.2 billion as against $17.4 billion in the prior fiscal's same quarter, reflecting a 1.1 per cent decrease in comparable sales.

Second quarter of fiscal 2017 gross margin rate stood at 31.3 per cent, up from 30.9 per cent in the corresponding quarter of earlier fiscal.

SG&A expense rate rose slightly higher at 20.1 per cent in the quarter under review vis-à-vis 19.9 per cent in the fiscal ago quarter, as a result of deleveraging impact of lower sales.

The retailer lowered its GAAP EPS from continuing operations guidance for the full fiscal to between $4.36 and $4.76, compared with prior guidance of $4.76 to $4.96. (AR)

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