Target Corp. (TGT) reported that its first-quarter net earnings declined to $498 million or $0.77 per share, from $697 million or $1.04 per share in the same quarter last year.
The latest-quarter result included losses related to the early retirement of debt of (41) cents per share; Earnings per share 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 for the quarter was $1.05 down from $1.11 in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.87 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter declined to $16.71 billion from $16.87 billion in the prior year quarter. Twenty one analysts had consensus revenue estimate of $16.82 billion for the quarter.
For the second quarter 2013, the company expects adjusted earnings per share to be in the range of $1.09 to $1.19 and GAAP earnings per share of $0.90 to $1.00. Analysts expect the company to report earnings of $1.06 per share for the second- quarter.
For full-year 2013, the Company now expects adjusted earnings per share of $4.70 to $4.90, compared with prior guidance of $4.85 to $5.05. Analysts expect the company to report earnings of $4.50 per share for fiscal 2013.
GAAP earnings per share for fiscal 2013 is expected to be $4.12 to $4.32, approximately $0.58 lower than adjusted earnings per share due to Losses related to the early retirement of debt of (42) cents per share; expected earnings per share 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.
For comments and feedback: editorial@rttnews.com