Target misses by $0.07, beats on revs, comps +3%; guides Q2 EPS in-line; reaffirms FY19 EPS guidance
- Reports Q1 (Apr) earnings of $1.32 per share (guided for $1.25-1.45), excluding non-recurring items, $0.07 worse than the Capital IQ Consensus of $1.39; revenues rose 3.4% year/year to $16.78 bln vs the $16.58 bln Capital IQ Consensus.
- Q1 comps +3% vs. guidance for low-single digit increase; traffic +3.7%
- First quarter operating income margin rate was 6.2 percent, compared with 7.1 percent in 2017. First quarter gross margin rate was 29.8 percent, compared with 30.0 percent in 2017, reflecting pressure from digital fulfillments costs and sales mix, partially offset by the benefit of the Company's cost saving efforts and the net impact of changes to the Company's pricing and promotions.
- Co issues in-line guidance for Q2, sees EPS of $1.30-1.50, excluding non-recurring items, vs. $1.36 Capital IQ Consensus Estimate; expects second quarter comparable sales growth to accelerate into the low to mid single-digit range
- Co reaffirms guidance for FY19, sees EPS of $5.15-5.45, excluding non-recurring items, vs. $5.27 Capital IQ Consensus Estimate; continues to expect a low-single digit increase in comparable sales
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