Target Corporation (NYSE: TGT) today reported second quarter net earnings of $704 million, or $1.06 per share. Adjusted earnings per share, a measure the company believes is useful in providing period-to-period comparisons of the results of its U.S. operations, were $1.12 in second quarter 2012, up 4.6 percent from $1.07 in 2011. A reconciliation of non-GAAP financial measures to GAAP measures is provided in the tables attached to this press release. All earnings per share figures refer to diluted earnings per share.
“We’re pleased with Target’s strong second quarter financial performance, which reflects a continued focus on delivering an outstanding experience for our guests and disciplined execution of our strategy,” said Gregg Steinhafel, chairman, president, and chief executive officer of Target Corporation. “In addition, we’re very pleased with the initial response to the July opening of our first three CityTarget locations in Seattle, Los Angeles and Chicago. We look forward to serving guests in these dense urban areas with an exciting store format and uniquely-tailored assortment.”
Fiscal 2012 Earnings Guidance
For third quarter 2012, the company expects adjusted EPS of $0.83 to $0.93 and GAAP EPS of $0.69 to $0.79.For full-year 2012, the company has raised its guidance and now expects adjusted EPS of $4.65 to $4.85 and GAAP EPS of $4.20 to $4.40. The difference between the GAAP and adjusted EPS range of 14 cents in the third quarter reflects the expected EPS impact of expenses related to the company’s Canadian market entry. The difference between the GAAP and adjusted EPS range of 45 cents for the full year reflects the expected 50-cent EPS impact of expenses related to the company’s Canadian market entry, offset by the beneficial impact of the resolution of income tax matters recognized in first and second quarter 2012. U.S. Retail Segment Results As previously reported, sales increased 3.5 percent to $16.5 billion in second quarter 2012 from $15.9 billion last year, reflecting a 3.1 percent increase in comparable-store sales combined with the contribution from new stores.
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