>>
Home / Knowledge / News / Apparel/Garments / Sales at Target US operations grow under one percent in Q1
Sales at Target US operations grow under one percent in Q1
23
May '13
Target Corporation reported first quarter net earnings of $498 million, or $0.77 per share, which includes:

- Losses related to the early retirement of debt of (41) cents per share;

- EPS dilution related to the Canadian Segment of (24) cents, and;

- Net accounting gains of 36 cents associated with the sale of Target’s entire consumer credit card receivables portfolio to TD Bank Group.

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 $1.05 in first quarter 2013, down 5.0 percent from $1.11 in 2012.

“Target’s first quarter earnings were below expectations as a result of softer-than-expected sales, particularly in apparel and other seasonal and weather-sensitive categories,” said Gregg Steinhafel, chairman, president, and chief executive officer of Target Corporation.

“While we are disappointed in our first quarter performance, we remain confident in our strategy, and we continue to invest in initiatives, including Canada, our digital channels and CityTarget, that will drive Target’s long-term growth.”

Fiscal 2013 Earnings Guidance

In second quarter 2013, the Company expects adjusted EPS of $1.09 to $1.19 and GAAP EPS of $0.90 to $1.00.

The difference between the adjusted and GAAP EPS ranges reflects expected dilution of approximately (16) cents related to Canadian operations, and (3) cents related to the expected reduction in the beneficial interest asset recorded on the sale of our credit card portfolio.

For full-year 2013, the Company now expects adjusted EPS of $4.70 to $4.90, compared with prior guidance of $4.85 to $5.05. GAAP EPS is expected to be $4.12 to $4.32, approximately 58 cents lower than adjusted EPS due to:

- Losses related to the early retirement of debt of (42) cents per share;

- Expected EPS dilution related to the Canadian Segment of approximately (45) cents, 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.

U.S. Segment Results

In first quarter 2013, sales increased 0.5 percent to $16.6 billion from $16.5 billion last year, reflecting a 0.6 percent decline in comparable-store sales combined with the contribution from new stores. Segment earnings before interest expense and income taxes (EBIT) were $1,239 million in the first quarter of 2013, a decrease of 7.5 percent from $1,340 million in 2012.

As a reminder, following the sale of the U.S. credit card portfolio in March 2013, Target’s historical U.S. Retail Segment and U.S. Credit Card Segment results were combined to form a new U.S. Segment. Selling, General and Administrative (SG&A) expenses in the new U.S. Segment include income from the profit-sharing arrangement with TD Bank Group, net of servicing expenses. In prior periods, credit card revenues, net of credit card expenses, from the historical U.S. Credit Card Segment have been classified within U.S. Segment SG&A expenses.


Must ReadView All

Pic: Dreamstime.com

Textiles | On 22nd May 2022

China raises support for economic growth by cutting lending rate

China recently cut the market-based benchmark lending rate to shore...

Pic Andrey Sirant | Dreamstime.com

Textiles | On 22nd May 2022

CPTPP helps boost Vietnam-Australia trade, investment cooperation

The Comprehensive and Progressive Agreement for Trans-Pacific...

Pic. Shutterstock

E-commerce | On 22nd May 2022

Strong momentum in China's cross-border e-com, rises 18.6% YoY in 2021

China's cross-border e-commerce has rapidly grown in the last few...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Fabric selection & recommendation based on client's brief

Textile Industry, Head honchos

Textile Industry
Head honchos

Consistency is the first rule of social media

Textile Industry, Head honchos

Textile Industry
Head honchos

Multi-functional garments will be next big thing

Melissa McDermott,

Melissa McDermott

<span style="font-size: 12px;">Blue Bite was created to deliver the best...

Leanne Elliot – Young,

Leanne Elliot – Young

Forging the future of digital discourse, the Institute of Digital Fashion...

Folker Stachetzki,

Folker Stachetzki

Brother Internationale Industriemaschinen GmbH, the European subsidiary of ...

Sanjay Raut, Garware Technical Fibres Ltd

Sanjay Raut
Garware Technical Fibres Ltd

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Kevin Young & Tom Lucas, Web Industries

Kevin Young & Tom Lucas
Web Industries

Web Industries is a precision formatter of nonwoven materials used in baby ...

Silverio Baranzano, Fitesa

Silverio Baranzano
Fitesa

Fitesa is a leader in the nonwoven fabrics industry, specialising in...

Manish Malhotra, Label Manish Malhotra

Manish Malhotra
Label Manish Malhotra

A multitalented designer and founder of an eponymous label, Manish...

Carmen Emanuela Popa, Label - Carmen Emanuela Popa

Carmen Emanuela Popa
Label - Carmen Emanuela Popa

<b>Carmen Emanuela Popa,</b> a Romanian fashion designer, is known for her ...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

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

Leave your Comments

ESTEEMED CLIENTS

The Top Form Brassiere Manufacturing Company Limited
BTC Textiles LLC
Maceton Limited
Newtech Textile Technology Development (Shanghai) Company Limited
Saurer Textile Solutions Pvt. Ltd.
Target Corporation (MN)
GIOVANNI BOZZETTO S.p.A.
John Varvatos
Shima Seiki Mfg. Ltd.
C;&A Sourcing International Ltd
Hirdaramani International Export Private Limited
Landmark Group
G-Star Raw C.V.
FULGAR SpA
China World International Exhibition Company Limited
Mesdan SPA
Sportmaster Ltd.
UBM China (Shanghai)
Arvind Limited
Tuyap Tum Fuarcilik Yapim A.S.
Flainox S.r.l.
Chico’ FAS
Guess Europe Sagl,
IIGM Private Limited
Eastman Chemical Company
Alison Hayes Romania
Indofil Industries Limited - Specialty & Performance Chemicals Division
Datacolor AG Europe
Gloria Jeans
FESPA (Reigate)
Decathlon
Lifestyle
Helly Hansen Far East Ltd
Istanbul Fuarcilik A.S.
Bluesign Technologies Ag
G.A.S. unternehmenskommunikation gmbh
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
Groz-Beckert East Asia LLP
Page Industries Limited (Bangalore)
SHAHI Exports Pvt Ltd
Savio Macchine Tessili S.P.A.
Boardriders Asia Sourcing Limited
Dow Silicones Corporation
Walmart
T.T. Limited
MAS Active / MAS Kreeda / MAS Bodyline
X-Rite Asia Pacific Limited (HK)
Applied DNA Sciences Inc
Jindal Worldwide Limited
Haelixa AG
Gokaldas Exports Limited
Bluestem Global Sourcing Limited
Aquarelle Clothing Limited
Rosset ;& Cia Limited
Recron Polyester from Reliance Industries Limited
TÜYAP IHTISAS FUARLARI A.S.
Xtema - Thomas Lebherz Textilmaschinen
H. Stoll AG & Company KG
Loris Bellini S.r.l.
Stahl Holdings B.V.,
TESCO INTERNATIONAL SOURCING LIMITED
Babyshop
BIANCA
Lululemon Athletica Inc
Restoque S.A.
IKEA of Sweden AB
CGS Inc.
Color Service s.r.l.
Mayer & Cie. GmbH & Co. KG
Calvin Klein
Taiwan Textile Federation (TTF)
Esprit Europe Services GmbH
Infor (Hong Kong) Limited
Jiangsu Yingyang Nonwoven Machinery Company Limited
Italian Trade Commission
Lectra Technologies India Pvt Ltd.
Nihalani Events Management
Messe Frankfurt Exhibition GmbH
Alix Partners
Chori Company Limited
K AND D ITMACH EXPOSITIONS LLP
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
CSGIA(China Screen Printing & Graphic Imaging Association)
Seasalt Limited
DuPont de Nemours, Inc.,
Kornit Digital Asia Pacific Ltd
H;&M Hennes ;& Mauritz (Far East) Ltd
Permoda(Koaj/Armi/Pronto/Bkul)
JES MEDIA, INC
Lacoste (Wanchai)
Centric Software
J ;& P Coats
Rieter India Private Limited
TEXVALLEY MARKET LIMITED
TESTEX AG, Swiss Textile Testing Institute
Kern – Liebers Textile
APLF Limited
Varner AS Retail
Marzoli Machines Textile s.r.l.
NITI Aayog
Benetton Group
Woolmark Services India Pvt. Ltd.
Asos
Sportswear Company Spa
SYNERGIES HONG KONG LIMITED
Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)
Eurofins BLC Leather Technology Centre Ltd
Splash
IDH – The Sustainable Trade Initiative
Thermore (Far East) Ltd.
USTER
Datatex Consulting Srl
Weitmann & Konrad GmbH & Co. KG
Puma
Inter Expo Center Ltd.
Tommy Hilfiger
Brandix Lanka Limited
Comasia Limited
International Sourcing Expo Australia
Aramark Uniform ;& Career Apparel, LLC
ZAITEX spa
Green Fibre
Palexpo SA
Huntsman (Singapore) Pte Ltd
Abit
Meera Dyestuff Industries
Truetzschler India Private Limited
Rayonese Textile Inc., Division de Culp Inc.
BIRLA CENTURY A DIVISION OF CENTURY TEXTILES AND INDUSTRIES
OVS Hong Kong Sourcing Ltd.
Vianney Textil Hogar S.A. De C.V.
EPCH
Coats Digital Limited
KIABI
Aleph Srl
Indo Tex
Itema Weaving (India) Private Limited
Sainsbury's Argos Asia Limited
Under Armour Global Sourcing Ltd
GERBER TECHNOLOGY LTD.
Lenzing Aktiengesellschaft - India
Zydex Industries
Performance Days
Vardhman Textile Ltd
Etam Group Strategy Hong Kong Limited
ITMA Services Pte Ltd
Grasim Industries Limited
Tory Burch Hong Kong Ltd
Lenzing Aktiengesellschaft
Phong Phu international JSC (PPJ)
KAS Direct Sourcing
Tradewind International Servicing
PVH Corporation
BTSR International S.P.A.
Officina Meccanica Dora Enrico Srl
Sateri (Jiujiang) Fiber Co.,Ltd
Desigual - ABASIC, S.A.
Messe Duesseldorf
The LYCRA Company Singapore  Pte. Ltd
Pt. Peraga Nusantara Jaya Sakti
Groz-Beckert KG
Lottmann Communications
BRINKMANN GMBH
Copenhagen Fashion Summit
Zünd Systemtechnik AG
Recron Polyester from Reliance Industries Limited
EMBEE CORPORATION
Colours India Inc
Thai Trade Center
Equinox Impex India
DyStar India Pvt. Ltd
IFF Media Ag - International Media Services
Lisa S.P.A.
EUROVET ASIA LTD
Brückner Trockentechnik GmbH & Co. KG
NV Michel Van de Wiele
SUZHOU TUE HI-TECH NONWOVEN MACHINERY CO.,LTD
GHCL LIMITED
LC Waikiki
COTTON COUNCIL INTERNATIONAL
Reiter India Private Limited
VNU Exhibitions Asia
Midas Clothing Limited
Gap International Sourcing Limited
Karl Mayer Textilmaschinenfabrik GmbH
Cat Tuong Real Estate Group Joint Stock Company
Amazon China
Nandan Denim Limited
Gatsby Africa
Shanghai  Aige Exhibition Service Co., Ltd
The LYCRA Company Singapore  Pte. Ltd
BIMBA ;& LOLA SL
Tchibo GmbH
THE BOMBAY DYEING ;& MFG.CO. LTD
Thai Acrylic Fibre Company Limited
N9 World Technologies Private Limited
International Textile Manufacturers Federation
Hela Clothing Pvt Ltd

May 2022

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


Advanced Search