Target announces Q1 result

by Apparel Resources News-Desk

24-May-2019  |  2 mins read

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Target Corporation on Wednesday announced its first quarter 2019 result, including its first quarter comparable sales growth, which went up by 4.8 per cent driven by a 4.3 per cent increase in comparable traffic.

“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,” said Brian Cornell, Chairman and CEO of Target Corporation, adding, “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 fulfilment 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.”

Target also reported GAAP earnings per share (EPS) from continuing operations of US $ 1.53 in first quarter 2019, up 15.1 per cent from US $ 1.33 in first quarter of 2018. The first quarter adjusted EPS were US $ 1.53, up 15.9 per cent from US $ 1.32 in the first quarter of 2018.

For full-year 2019, Target expects a low- to mid-single digit increase in comparable sales, a mid-single digit increase in operating income, and both GAAP EPS from continuing operations and adjusted EPS of US $ 5.75 to US $ 6.05.

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