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TGT Target reports EPS in-line, revs in-line (50.93 )
Reports Q2 (Jul) earnings of $0.92 per share, in-line with the Thomson Reuters consensus of $0.92; revenues rose 3.1% year/year to $15.53 bln vs the $15.62 bln consensus, due to the contribution from new stores combined with a 1.7% increase in comparable-store sales. Second quarter gross margin rate was 32.0%, up from 31.9% in 2009. The impact of sales mix on gross margin rate was essentially neutral, as sales increased at a similar pace in both higher-margin and lower-margin categories. the co repurchased 17.5 mln shares of its common stock at an average price of $51.72, for a total investment of $907 mln. "Our retail segment generated strong profitability, overcoming softer-than-expected sales. Growth in guest traffic and apparel sales remained robust, and teams across the co continued to exercise thoughtful control of expenses. Our credit card segment also enjoyed very strong results... Regardless of the pace of recovery, we are well-positioned to continue to gain profitable market share."
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