Target (TGT) Tops Q2 EPS by 11c; Comps Fell 1.1%; FY16 EPS Outlook Trimmed

Target (NYSE: TGT) reported Q2 EPS of $1.23, $0.11 better than the analyst estimate of $1.12. Revenue for the quarter came in at $16.2 billion versus the consensus estimate of $16.18 billion.

Comps fell 1.1 percent, versus a drop of 1 percent expected.

GUIDANCE:

Target sees Q3 2016 EPS of $0.75 - $0.95, versus the consensus of $0.96.

Target sees FY2016 EPS of $4.80 - $5.20, versus prior guidance of $5.20 - $5.40 and the consensus of $5.13.

While Target has plans in place to strengthen results over time, based on the current retail environment the Company believes it is prudent to lower its expectations for comparable sales in the second half of the year. In both the third and fourth quarters of 2016, Target now expects comparable sales growth in the range of (2.0) percent to flat.

For earnings history and earnings-related data on Target (TGT) click here.

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