Target (TGT) Stock Up on Q1 Earnings & Revenues Beat
Target Corp. TGT, department store retailer, came out with first-quarter fiscal 2017 results, wherein adjusted earnings of $1.21 per share comfortably surpassed the Zacks Consensus Estimate of 89 cents but decreased 6.1% year over year.
For fiscal 2017, Target continues to envision adjusted earnings in a band of $3.80 - $4.20 per share in comparisons to $5.01 reported in fiscal 2016. The company announced that full-year earnings will be above the midpoint of the provided range due to better-than-expected first-quarter performance.
For the second quarter fiscal 2017, the company expects adjusted earnings per share in the range of 95 cents to $1.15.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has witnessed upward revisions in the last 7 days. In the trailing four quarters, excluding quarter under review, the company outperformed the Zacks Consensus Estimate by an average of 9.3%.
Revenues: Target generated net sales of $16,017 million that decreased 1.1% year over year but outpaced the Zacks Consensus Estimate of $15,640 million. Comparable store sales declined 1.3% during the quarter.
Key Events: Target returned about $637 million to its shareholders in the form of share repurchases and dividend payments in the first quarter. The company bought back shares worth $305 million and paid dividends of $332 million in the reported quarter.
Target Corporation Price, Consensus and EPS Surprise
Target Corporation Price, Consensus and EPS Surprise | Target Corporation Quote
Zacks Rank: Currently, Target carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stock Movement: Target’s shares are up nearly 6% during pre-market trading hours following the earnings release.
Check back later for our full write up on Target’s earnings report!
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