Target Updates Second Quarter 2017 Guidance
Target Corporation updated its guidance for second quarter 2017 comparable sales and earnings per share (EPS). As a result of improved traffic and sales trends through the first two months of the quarter, Target is now expecting to report a modest increase in its second quarter comparable sales. In addition, the Company now expects to report second quarter GAAP and Adjusted EPS1 above the high end of its previous guidance range of $0.95 to $1.15. Both GAAP and Adjusted EPS are expected to reflect a 5 to 9 cent benefit driven by the net tax effect of the Company’s global sourcing operations. In addition, GAAP EPS is expected to reflect 2 to 3 cents of pressure related to the unfavorable resolution of tax matters. Target plans to report its second quarter 2017 financial results on Wednesday, August 16. “Target’s recent progress reinforces our confidence and commitment to our strategy as we build an even better Target for tomorrow. Following better-than-expected results in the first quarter, we’ve seen additional, broad-based improvement in traffic and category sales trends in the second quarter, despite continued challenges in the competitive environment” said Brian Cornell, chairman and CEO of Target. Click Read More below for additional detail.