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Last $79.32 USD
Change Today -0.73 / -0.91%
Volume 3.6M
TGT On Other Exchanges
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As of 8:04 PM 05/29/15 All times are local (Market data is delayed by at least 15 minutes).

target corp (TGT) Key Developments

Target Corp. and MasterCard Settles Lawsuit

Target and MasterCard announced the $19 million deal to settle lawsuits stemming from the retailer's pre-Christmas 2013 data breach has been scrapped, because it didn't get enough support from banks and credit unions. Under the settlement announced last month, Target Corp. agreed to set aside $19 million for banks and credit unions that had issued MasterCards swept up in the breach that compromised 40 million credit and debit card accounts. Banks and credit unions would have been able to use the money to cover related operating costs and fraud-related losses. But the settlement needed 90% of the issuers to accept the offer in order for it to go into effect.

Target Corporation Announces Unaudited Consolidated Earnings Results for the First Quarter Ended May 2, 2015; Provides Earnings Guidance for the Second Quarter of 2015; Revises Earnings Guidance for the Full Year of 2015

Target Corporation announced unaudited consolidated earnings results for the first quarter ended May 2, 2015. For the quarter, the company reported sales of $17,119 million against $16,657 million a year ago. Earnings before interest expense and income taxes were $1,154 million against $1,022 million a year ago. Earnings before income taxes were $999 million against $870 million a year ago. Net earnings were $635 million against $418 million a year ago. Diluted earnings per share were $0.98 against $0.66 a year ago. Cash provided by operations was $1,551 million against $520 million a year ago. Expenditures for property and equipment were $352 million against $471 million a year ago. Adjusted diluted earnings per share were $1.10 against $0.92 a year ago. In second quarter 2015, the company expects Adjusted EPS of $1.04 to $1.14, compared with $1.01 in second quarter 2014. The expects comparable sales to increase between 2% and 2.5%, reflecting expected growth in digital channel sales in the high 30% range. Gross margin rate to improve about 50 basis points from last year as the company benefit from the comparison to last year's promotional activity while the company continue to make price investments and add quality back into owned and exclusive brand products. Effective tax rate is expected to be just over 35%, higher than last year's 33.7% rate, driven by improved profitability. EBITDA and EBIT margin rates of 20 to 30 basis points compared with last year. Second quarter interest expense is expected to be about $150 million, which was unusually high due to the retirement of some high coupon debt. The company now expects full-year 2015 Adjusted EPS of $4.50 to $4.65, compared with prior guidance of $4.45 to $4.65.

Target Corp. Plans to Open TargetExpress Store

Target Corp. will open a smaller-format TargetExpress store in Arlington's Rosslyn neighborhood. The 23,000-square-foot store will open at 1500 Wilson Blvd. on a major corner where Clarendon and Wilson boulevards converge in the heart of the neighborhood. Landlord Penzance Properties LLC and Target confirmed the deal. The store will occupy a highly visible glass-enclosed portion of building overlooking the spot where Wilson and Clarendon boulevards converge. Penzance renovated the building recently after losing tenants as part of the base realignment and closure process. It also has signed Capriotti's Sandwich Shop and District Taco for smaller leases there.

Target Corp. Lays Off 100 Administrative Assistants and Cuts 40 Open Jobs from its Minneapolis Headquarters

Target Corp. laid off 100 administrative assistants and eliminated another 40 open positions from its Minneapolis headquarters. Target said it is restructuring its administrative support model to reduce its workforce and 'drive efficiencies.' Laid-off employees will get minimum of 15 weeks of pay and more severance based on years of service. Target will keep paying its portion of benefits for six months.

Target Corporation to Invest Distribution Operation in the City of Suffolk

Target Corporation will invest approximately $50 million to expand its distribution operation in the City of Suffolk, creating hundreds of new jobs.

 

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Industry Analysis

TGT

Industry Average

Valuation TGT Industry Range
Price/Earnings 20.0x
Price/Sales 0.7x
Price/Book 3.6x
Price/Cash Flow 68.5x
TEV/Sales 0.5x
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