Target Posts Weaker Sales In 1Q 2016

Target Corporation reported sales decreased 5.4 percent to $16.2 billion in the first quarter of 2016, compared with $17.1 billion in the same quarter in 2015. Comparable sales grew 1.2 percent, with adjusted earnings per share from continuing operations at $1.29, an increase of 16.5 percent from $1.10 in 2015. Segment earnings before interest expense and income taxes were $1.323 billion, up 4.9 percent from $1.261 billion in 2015. EBITDA and EBIT margin rates for the quarter were 11.5 percent and 8.2 percent, respectively, compared with 10.5 percent and 7.4 percent in 2015.