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Earnings Highlights and Summary

Target adopted a new accounting standard for revenue recognition, leases, and pensions on February 04, 2018. The Company's results for the previous year's same quarter have been adjusted to reflect the changes due to the new standard.

For Q1 FY18, Target's total revenues reached $16.78 billion, reflecting an increase of 3.44% from $16.22 billion in Q1 FY17. The Company's revenue numbers exceeded analysts' consensus estimates of $16.53 billion. A strong sales growth in the Company's home, essentials, and food and beverage categories offset the impact of delayed sales in temperature-sensitive categories, which accelerated rapidly in recent weeks as the weather improved across the country.

For the quarter under review, Target's sales increased 3.51% to $16.56 billion on a y-o-y basis, and other revenues declined 1.32% to $225 million on a y-o-y basis. For Q1 FY18, Target's traffic grew 3.70%, driving a comparable sales growth of 3% on a y-o-y basis. The Company's digital sales increased 28% in the reported quarter compared to 21% in Q1 FY17.

During Q1 FY18, Target's cost of sales was $11.63 billion, 3.80% higher than $11.20 billion in Q1 FY17. The Company incurred selling, general, and administrative expenses (SG&A) of $3.55 billion in the reported quarter, 5.73% higher than $3.35 billion in the previous year's comparable quarter. Target's operating income declined 9.87% to $1.04 billion in Q1 FY18 from $1.16 billion in Q1 FY17. The Company had earnings before interest, tax, depreciation, and amortization (EBITDA) of $1.68 billion in the quarter under review, down 4.11% from $1.75 billion in the year-ago corresponding quarter.

For the quarter ended May 05, 2018, Target's net earnings from continuing operations were $717 million, 6.22% higher than $675 million in Q1 FY17. The Company's diluted earnings per share (EPS) from continuing operations also rose 9.92% to $1.33 in the reported quarter from $1.21 in the year-ago same quarter. The Company's reported earnings included income from income tax matters not related to current period operations. Target's adjusted diluted EPS, excluding these non-recurring items, were $1.32 in Q1 FY18, up 9.40% from $1.20 in Q1 FY17. This missed analysts' consensus estimates of $1.38 per share.

Cash Matters

Target had cash and cash equivalents of $1.06 billion as of May 05, 2018, 60.45% lower than $2.68 billion as on April 29, 2017. The Company had a long-term debt and other borrowings of $11.11 billion at the end of Q1 FY18, up 1.75% from $10.92 billion at the end of Q1 FY17.

Target's cash provided by operating activities of continuing operations was $512 million in Q1 FY18, a decrease of 59.27% from $1.26 billion in Q1 FY17. The Company spent $827 million on purchases of property and equipment in the quarter under review, 70.16% higher than $486 million in the prior year's same quarter.

Target paid $334 million in dividends in Q1 FY18, reflecting a slight increase of 0.60% from $332 million in Q1 FY17. The Company spent $524 million in common stock repurchases in the reported quarter, 65.30% higher than $317 million in the comparable period of last year.

Outlook

For the second quarter of the fiscal year 2018, Target expects comparable sales growth to accelerate into the low- to mid-single-digit range. The Company expects GAAP EPS from continuing operations and adjusted EPS of $1.30 to $1.50 in Q2 FY18.

For the full fiscal year 2018, Target expects a low-single-digit increase in comparable sales and both GAAP EPS from continuing operations and adjusted EPS of $5.15 to $5.45.

On June 13, 2018, Target's Board of Directors declared a quarterly dividend of $0.64 per common share, payable on September 10, 2018, to shareholders of record at the close of business on August 15, 2018. This implied a 3.20% increase from the prior quarterly dividend of $0.62.

Stock Performance Snapshot

June 21, 2018 - At Thursday's closing bell, Target's stock slightly climbed 0.99%, ending the trading session at $76.14.

Volume traded for the day: 4.03 million shares.

Stock performance in the last month ? up 0.89%; previous three-month period ? up 10.52%; past twelve-month period ? up 50.71%; and year-to-date ? up 16.69%

After yesterday's close, Target's market cap was at $40.88 billion.

Price to Earnings (P/E) ratio was at 16.12.

The stock has a dividend yield of 3.26%.

The stock is part of the Services sector, categorized under the Discount, Variety Stores industry.

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