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Target Corporation : Post Earnings Coverage as Target Earnings Soared 22%; Earnings and Same Store Sales Guidance Raised

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11/28/2016 | 03:16pm CET

Upcoming AWS Coverage on Big Lots Post-Earnings Results

LONDON, UK / ACCESSWIRE / November 28, 2016 / Active Wall St. announces its post-earnings coverage on Target Corp. (NYSE: TGT). The company posted its financial results for the third quarter fiscal 2016 on November 16, 2016. The retailer's earnings, revenue, and same store results surpassed market expectations. Target also raised its Q4 2016 and FY16 outlook. Register with us now for your free membership at: http://www.activewallst.com/register/.

One of Target's competitors within the Discount, Variety Stores space, Big Lots Inc. (NYSE: BIG), will report third-quarter earnings on December 2, 2016. AWS will be initiating a research report on Big Lots in the coming days.

Today, AWS is promoting its earnings coverage on TGT touching on BIG. Get our free coverage by signing up to:


Earnings Reviewed

During the quarter ended on October 29th, 2016, Target's net income totaled $608 million, or $1.06 per share, up 39.7% from $549 million, or $0.87 per share, for the same period last year. The company's adjusted earnings per share were $1.04, beating analysts' forecasts of $0.83 per share. Target's Q3 2016 revenue came in at $16.4 billion compared to revenue of $17.6 billion in Q3 2015; thus surpassing market expectations of $16.3 billion in revenue.

Segment Results

Target's Q3 2016 revenue declined 6.7% on a y-o-y basis, reflecting a 0.2% decline in comparable sales combined with the removal of pharmacy and clinic sales from this year's results. The company's comparable digital channel sales surged 26% and contributed 0.7% to comparable sales growth. The company noted that Digital growth was fastest in its Signature categories and was particularly strong in kids, driven by the strength of its back-to-school offering and the launch of Cat & Jack.

The company's earnings before interest expense and income taxes (EBIT), which is Target's measure of segment profit, were $1.06 billion in Q3 2016, an increase of 9.9% from $962 million in Q3 2015. Target's Q3 2016 EBITDA and EBIT margin rates were 9.9% and 6.4%, respectively, compared to 8.6% and 5.5%, respectively, in the prior year's same period. For Q3 2016, the company's gross margin rate was 30.2% compared to 29.4% in Q3 2015, reflecting the benefit of the sale of its pharmacy and clinic businesses and strong Signature Category sales growth.

Balance Sheet

During Q3 2016, Target returned $1.2 billion to shareholders, including, dividends of $345 million compared to $352 million in Q3 2015. For the reported quarter, share repurchase totaled $878 million, including, open market transactions that retired 8.1 million shares of common stock at an average price of $69.73, for a total investment of $564 million. An accelerated share repurchase (ASR) agreement that retired 4.6 million shares of common stock at an average price of $67.67, for a total investment of $314 million. In September 2016, Target's Board of Directors authorized a new $5 billion share repurchase program. At the end of Q3 2016, including the $314 million investment in the ASR, $300 million of capacity remained under the prior program.

For the trailing twelve months through Q3 2016, Target's after-tax return on invested capital (ROIC) was 16.3% compared to 13.0% for the twelve months through Q3 2015. During Q3 2016, Target obtained a new $2.5 billion credit facility that expires in October of 2021. This new facility replaces a two and a quarter billion dollar facility that was scheduled to expire in 2018. As on October 29th, 2016, Target had cash and cash equivalents worth $1.23 billion compared to cash and cash equivalents worth $1.98 billion as on October 31st, 2015.


Target raised its expectations for Q4 2016 comparable sales and now expects growth in the range of (1.0) % to 1.0% compared to prior guidance of (2.0) % to flat. In Q4 2016, Target expects both GAAP Earnings from continuing operations and adjusted earnings of $1.55 to $1.75 per share. For FY16, Target now expects GAAP earnings from continuing operations of $4.67 to $4.87 compared to its prior guidance of $4.36 to 4.76. The Company expects FY16 adjusted earnings of $5.10 to $5.30 per share compared to the prior guidance of $4.80 to $5.20 share.

Stock Performance

On Friday, the stock closed the trading session at $78.61, slightly up 0.17% from its previous closing price of $78.48. A total volume of 2.54 million shares have exchanged hands. Target's stock price advanced 15.58% in the last month, 12.69% in the past three months, and 15.98% in the previous six months. The stock is trading at a PE ratio of 14.43 and has a dividend yield of 3.05%.

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AWS has not been compensated; directly or indirectly; for producing or publishing this document.


The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.


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© Accesswire 2016
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Financials ($)
Sales 2017 69 846 M
EBIT 2017 5 168 M
Net income 2017 2 903 M
Debt 2017 10 631 M
Yield 2017 2,98%
P/E ratio 2017 15,95
P/E ratio 2018 14,15
EV / Sales 2017 0,78x
EV / Sales 2018 0,78x
Capitalization 43 779 M
More Financials
Duration : Period :
Target Corporation Technical Analysis Chart | TGT | US87612E1064 | 4-Traders
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Technical analysis trends TARGET CORPORATION
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Technical analysis
Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 27
Average target price 77,2 $
Spread / Average Target -0,96%
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EPS Revisions
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Brian C. Cornell Chairman & Chief Executive Officer
John J. Mulligan Chief Operating Officer & Executive Vice President
Catherine R. Smith Chief Financial Officer & Executive Vice President
Michael E. McNamara Chief Information Officer & Executive VP
Roxanne Schuh Austin Independent Director
More about the company
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