Retail
Target's Earnings Beat, Marred by Cards & Economy (TGT)
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Target Corp. (NYSE: TGT) has just come out with earnings at $0.82 EPS on $15.47 Billion in revenues versus First Call estimates of $0.76 EPS and $15.46 Billion in revenues. The company’s retail segment revenues gained by 5.7% t $15 Billion.
The good news is that the company modestly beat street estimates andmodestly beat its own forecasts. The bad news is the company iscontinuing to refer to a weak and soft sales environment. To furtherillustrate this trend it saw gross margins drop 0.4% to 31.2%. Theprofitability of its credit card operations also fell by 65% down to$74 million as consumers are paying fewer bills.
Also during the quarter, Target spent some $1.7 Billion to repurchase33.8 million shares. Shares are waffling pre-market as they were indicated up modestly at $50.30 and then down modestly at $49.90 on thin trading volume which couldeasily go either way today.
Jon C. Ogg
August 19, 2008
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