Target Reports on Q1 of FY 2019

05/22/2019

In a press release dated March 22nd Target Corporation (TGT) announced results for the 1st Quarter of Fiscal 2019 ending May 4th.

The following table summarizes the results for the period compared with the values for the corresponding quarter of the previous fiscal year (Values expressed as $ x 1,000 except EPS)

1st Quarter Ending

May 4th 2019

May 5th 2018

Difference (%)

Sales:

$17,627,000

$16,781,000

+5.0

Gross profit:

$5,379,000

$5,156,000

+4.3

Operating income:

$1.135,000

$1,041,000

+9.0

Pre-tax Income

Net Income

$1,020,000

$795,000

$927,000

$718,000

+10.1

+10.7

Diluted earnings per share:

$1.53

$1.33

+15.0

Gross Margin (%)

30.5

30.7

-0.7

Operating Margin (%)

6.3

6.2

+1.6

Profit Margin (%)

4.4

4.3

+2.3

Long-term Debt:

$11,357,000

$10,223,000

+9.3

12 Months Trailing:

     

Return on Assets (%)

6.5

   

Return on Equity (%)

25.5

   

Operating Margin (%)

5.6

   

Profit Margin (%)

3.9

   

Total Assets

$40,619,000

$41,290,000

-1.7

Market Capitalization

$40,620,000

   

Consensus expectations for TGT were:- Revenue $17.32 billion; EPS of $1.43 and same-store sales growth of 4.2 percent.

52-Week Range in Share Price: $ 60.15 to $90.39

Market post-release noon May 22nd $78.48 up 9.1 percent

Forward P/E 12.7 Beta 1.0

Comparable store sales growth in Q1 2019 attained 4.8 percent compared to 3.0 percent in Q1 2018

Traffic increased 4.3 percent in Q1 2019 compared to 3.7 percent for Q1 2018
 

Effective May 4th 2019 TGT operated 1,851 stores with an area of 239,797 ft2

In commenting on Q1 results Brian Cornell, Chairman and CEO stated "Target had an outstanding first quarter, as our team delivered a great experience for our guests and drove strong growth in traffic, comparable sales, operating income and earnings per share," He added "over the last two years we have made important investments to build a durable operating and financial model that drives consumer relevance and sustainable growth. Target's first quarter performance and market-share gains demonstrate that the model is working. Throughout this year, we will continue to extend the reach of our same-day fulfillment options, strengthen our portfolio of owned and exclusive brands, remodel and open more stores and invest in our team. We're confident that we're well-positioned to deliver strong financial performance in 2019 and beyond."

TGT issued EPS guidance for Q2 corresponding to a range of $1.52 to $1.72.


















































































































































































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