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Target’s Q1 Numbers Are Promising, But There’s Still Work To Do

May 17, 2017: 12:00 AM EST
Target seems to be on a path to recovery, if profit is any indication, though it reported a first quarter same-store sales decline of 1.3 percent due to drops in traffic and basket size. Digital sales were up 22 percent, however. Sales totaled $16 billion down from $16.2 billion last year. Earnings per share (EPS) for the quarter were $1.22, compared with $1.02 a year ago. Thomson Reuters consensus forecast was 91 cents. The company expects a “low single-digit decline” in same-store sales in the second quarter, and adjusted EPS of $0.95 to $1.15. For the full-year 2017, Target continues to project a low single-digit decline in same-store sales. CEO Brian Cornell said the company is in "the early stage of a multi-year effort to position Target for profitable, consistent long-term growth.”
"Target Reports First Quarter 2017 Earnings", Earnings release, Target, May 17, 2017, © Target Brands, Inc.
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