This morning, Target announced its first quarter earnings. Here is an overview of what was shared:
Quote from Brian Cornell, Chairman & CEO of Target: "We’ve reiterated the importance of our signature categories – including style, kids, baby, and wellness – and it’s terrific to see Target’s guests respond in such a positive way. We still have a lot of work to do, but we’re encouraged by early signs of progress. The momentum makes us confident we’re moving in the right direction and encourages us to move even faster.”
Item 1: Comparable sales up 2.3%. Driven by growth in transactions and basket size.
Item 2: Adjusted EPS is $1.10. Above expected range of $0.95 to $1.05. Adjusted EPS is a non-GAAP financial measure most directly comparable to GAAP EPS. Adjusted EPS is reconciled to GAAP EPS in our Q1 2015 earnings release posted on our investor relations website.
Item 3: Digital channel sales up 37.8%. Contributing 0.8% points to comparable sales growth.
Item 4: Signature category comparable sales up 2 times. More than double the company average in style, baby, kids and wellness.
Item 5: Dividends paid is $333 million. An increase of 22% compared with $272 million in Q1 2014.
Item 6: $895 million to shareholders. Including dividends and share repurchase, the company returned more than 140% of net income to shareholders.
May 20, 2015