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Wednesday, November 15, 2017

=Target (TGT) reported earnings on Wed 15 Nov 17 (b/o)

Target beats by $0.05, reports revs in-line; guides Q4 EPS towards the low end of expectations with comps +0-2% 
  • Reports Q3 (Oct) earnings of $0.91 per share, excluding non-recurring items, $0.05 better thanthe Capital IQ Consensus of $0.86 and $0.75-0.95 guidance; revenues rose 1.4% year/year to $16.67 bln vs the $16.61 bln Capital IQ Consensus, reflecting a 0.9% comparable sales increase vs. +0.7% ests. Comparable digital channel sales grew 24 percent and contributed 0.8 percentage points to comparable sales growth.
  • Segment earnings before interest expense and income taxes (EBIT), which is Target's measure of segment profit, were $869 million in third quarter 2017, a decrease of 17.8 percent from $1,057 million in third quarter 2016. Third quarter EBIT margin rate was 5.2 percent, compared with 6.4 percent in 2016. Third quarter gross margin rate was 29.7 percent, compared with 29.8 percent in 2016, reflecting pressure from digital fulfillment costs and the Company's pricing and promotion efforts, partially offset by cost savings.
  • Co issues guidancefor Q4, sees EPS of $1.05-1.25 vs. $1.24 Capital IQ Consensus; comparable sales growth of flat to two percent vs. +0.7% ests. That performance would translate into full-year 2017 comparable sales growth of flat to one percent.
  • Co plans to issue a post-holiday financial update on Tuesday, January 9, 2018. 

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