Target (NYSE:TGT) reports 1Q17 Profit Down 6%; Beats Street View

Target (NYSE:TGT) reports 1Q17 Profit Down 6%; Beats Street View


Target Corporation (NYSE:TGT) headquartered in Minneapolis, Minnesota, announced net income for the first quarter of $ 681.00 million or $ 1.23 per share, compared to income $ 632.00 million or $ 1.05 per share for the year-ago quarter.

The company recorded first quarter adjusted income from continuing operation of $ 1.21 per share, while analysts from Thomson Reuters expected income of $ 0.91 per share.

Top line figures for the first quarter slipped  to $ 16.02 billion from $ 16.20 billion in the same quarter last year, where as analysts anticipated $ 15.62 billion.

Analysts estimates generally exclude one time charges / gains.

Brian Cornell, chairman and CEO, said: Target’s first quarter financial performance was better than our expectations, reflecting strong execution by our team as they delivered for our guests in a very choppy environment. e are in the early stage of a multi-year effort to position Target for profitable, consistent long-term growth, and while we are confident in our plans, we are facing multiple headwinds in the current landscape.

In second quarter 2017, Target expects Adjusted EPS in the range of  $0.95 to $1.15.

TGT, returned $637 million to shareholders in the first quarter through dividends and share repurchases.