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Target Corporation (TGT)

  • Aug. 13, 2014, 10:26 AM
    • Department store stocks are lower after Macy's misses estimates with its Q2 report and warns on consumer spending.
    • Decliners: Nordstrom (NYSE:JWN) -2.2%, Sears Holdings (NASDAQ:SHLD) -1.8%, Kohl's (NYSE:KSS) -2.7%, J.C. Penney (NYSE:JCP) -2.1%, Bon-Ton Stores (NASDAQ:BONT) -3.5%, Dillard's (NYSE:DDS) -2.2%.
    • The downward comp sales revision from Macy's and the flat reading on U.S. retail sales growth appears to be impacting big-box retailers Target (TGT -1%) and Wal-Mart (WMT -0.9%) as well.
  • Aug. 5, 2014, 1:51 PM
    • Target's (TGT -3.9%) earnings warning is more about ongoing sales and margin pressure than the costs tied to the data breach, according to retail research exec Jan Kniffen.
    • He says the chain has become "just another discounter" which is bound to lose to Wal-Mart on pricing.
    • The "trainwreck" performance in Canada is also a drag on Target's results, contends Kniffen.
  • Aug. 5, 2014, 9:28 AM
    • Target (NYSE:TGT) cuts its estimate for Q2 EPS to $0.78 vs. prior guidance of $0.85-$1.00 and $0.91 consensus.
    • Data-breach costs of $148M will be partially offset by $38M in insurance payments covering the incident.
    • The retailer reports full results on August 20.
    • TGT -4.2% premarket
    | 1 Comment
  • May. 21, 2014, 11:14 AM
    • Execs with Target (TGT) pointed to improving sales trends in May during the firm's earnings call. A "slow" improvement is anticipated with the company investing in growing traffic and sales.
    • No share repurchases are expected in Q2. Buybacks could be pulled until there is more visibility on the data breach costs.
    • Lower operating margins are expected with new product investments and as Canada costs pile up.
    • There is an acknowledgement that Target's performance in Canada has been a disappointment, but not too many details on how the launch will be refined or improved. Excess inventory is still being cleared. REDCard penetration is at 3.9%.
    • Earnings call webcast
  • May. 21, 2014, 8:24 AM
    • Though analyst expectations were low for Target (TGT) heading into today's earnings report with the Q4 data breach and overall sluggishness in the retail atmosphere in the background, it's the company's outlook on the current quarter and beyond which could drive share price.
    • The company reduced its full-year EPS guidance to $3.60-$3.90 vs. $3.85-$4.15 prior and $3.99 consensus without providing detail.
    • Execs will be in full defense mode during the firm's earnings call scheduled for 10:30 a.m. EST. (webcast)
    • TGT -0.3% premarket
  • May. 21, 2014, 8:15 AM
    • Target (TGT) reports comparable-store sales in the U.S. fell 0.3% in Q1.
    • The company saw its cost of sales rise faster than sales growth, 4.4% vs. 2.1%, during the period.
    • The number of transaction fell 2.3%, while the average transaction amount was 2.1% higher.
    • Gross margin rate in the U.S. segment fell 120 bps to 29.5% due to a high level of promotions.
    • Sales for Target's Canadian segment were $393M. The gross margin rate in the segment dived to 18.7% from 38.4% a year ago (stores just opened). Segment EBIT was -$211M.
    • The company says it's unable to estimate future costs related to the data breach in Q4.
    • Shares of TGT are flat in premarket trading
    | Comment!
  • May. 15, 2014, 8:44 AM
    • Target (TGT) reports Q1 earnings on May 21 with investors stuck until then with more than a little uncertainty.
    • A slight drop in comp sales by Wal-Mart in Q1 and more blood-letting by Sears in Canada don't bode particularly well for the retailer.
    • There's also the matter of the costs of the massive data breach at Target - either materially on earnings or through an erosion of the brand.
    • TGT -0.6% premarket
  • May. 5, 2014, 8:10 AM
    • Following "extensive discussions," Target's (TGT) board and chairman/CEO Gregg Steinhafel "have decided that now is the right time for new leadership." (PR)
    • CFO John Mulligan has been named interim CEO, and director Roxanne S. Austin has been named the retail giant's interim chairwoman.
    • Steinhafel's resignation comes in the wake of December's massive data breach.
    • Shares -1.2% premarket.
  • Feb. 26, 2014, 8:27 AM
    • Target (TGT) bests profit estimates as inventory and expense management help it overcome a tough quarter for store traffic in the U.S. and Canada.
    • The retailer reports comparable-store sales fell 2.5% in the U.S. during Q4.
    • Profits took a large hit from the data breach reported in December. Insurance has covered $44M of the $61M in charges related to the breach so far, but the story is still unfolding.
    • The performance of Target in Canada was under-whelming as costs ran up higher than anticipated and sales lagged the rosiest estimates.
    • The company warns of a material adverse effect from the data breach on the current year and future periods.
    • Shares of Target are up 1.1% in premarket action with expectations low and anxiety high for the period.
  • Jan. 31, 2014, 11:21 AM
    • Shares of Wal-Mart (WMT -0.1%) have recovered nicely from an early dip and are now outpacing the S&P 500 despite a cut in Q4 guidance.
    • Though the same what-me-worry attitude is being seen with Target (TGT -0.7%) and the dollar store group (FDO, DG, DLTR, FIVE), some retail analysts think the company's shortfall points to a larger issue than just winter storms.
    • Public policy changes regarding food stamps and unemployment benefits won't go away when the sun melts the snow, they note.
  • Jan. 10, 2014, 8:15 AM
    • Target (TGT) discloses that "certain guest information" was taken during its security breach month that is separate from previously disclosed payment card information. Personal customer information including e-mail addresses, phone numbers, and street addresses for some accounts are part of the data that hackers accessed.
    • CEO Greg Steinhafel says guests will have "zero" liability for any fraud charges, but the issue is bound to cause some anxiety for cardholders.
    • The company also lowered its estimate for Q4 EPS to $1.20-$1.30 from previous guidance of $1.50-$1.60 on a revised forecast for comp sales of -2.5%. News of the data breach had a noticeable impact on store traffic and sales, according to Target.
    • In addition, Target says it has identified 8 stores it plans to close due to weak financial performance. (PR)
    • TGT -1.8% premarket
  • Dec. 13, 2013, 2:37 PM
    • Visa (V +1.6%) and MasterCard (MA +1%) tick higher after a U.S. federal judge approves the $5.7B class-action settlement that ended years of litigation over allegations that credit card swipe fees are improperly fixed.
    • The settlement has been opposed by merchant trade groups and big-box retailers such as Wal-Mart (WMT -0.7%) and Target (TGT -0.9%), which say it won't prevent the fees from rising in the future and gives too much leeway to the card companies.
  • Nov. 21, 2013, 8:32 AM
    • The stories are different, but the results are the same for the group of retailers reporting results today.
    • Though some Q3 profit estimates are being met on the margin, the outlook for Q4 and beyond has been troubling and could bring down sentiment for the entire sector.
    • Premarket: SHLD -4.4%, TGT -3.9%, DLTR -5.6%, ANF -3.3%.
    • Related ETFs: XRT, PMR, RTH, VDC.
    | 1 Comment
  • Nov. 21, 2013, 8:16 AM
    • Target (TGT) trades lower after getting poorer results in Canada than some analysts anticipated and setting the bar lower for Q4 in the U.S.
    • The retailer saw comparable store sales grow only 0.9% in the U.S. during the quarter.
    • Gross margin rate dropped 30 bps due to rate pressure in key categories.
    • TGT -2.9% premarket.
    | Comment!
  • Sep. 25, 2013, 1:49 PM
    • Wal-Mart (WMT -2%) is cutting orders due to an inventory backlog, according to report quoting an ordering manager at the retailer's Arkansas headquarters.
    • Shares of Wal-Mart and a number of other retailers are having a bit of a panic attack as details are being sorted out.
    • Decliners: PSMT -1.7%, COST -1.1%, TGT -1.2%.
  • Aug. 21, 2013, 8:09 AM
    • Target (TGT) put in a "decent" quarter in the U.S. on lowered expectations, but Canada feels like a black hole for the retailer to analyst Rahul Sharma.
    • After losing $0.21 per share in Canada for Q2, the company sees an annual drag on results of $0.82 per share.
    • Previous on Target: earnings, highlights.
    • TGT -1.9% premarket.
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Company Description
Target Corp is engaged in operating general merchandise discount stores in the United States.