Key Developments: Target Corp (TGT)
70.16USD
18 Jun 2013
$0.30 (+0.43%)
$69.86
$69.85
$70.22
$69.60
2,319,068
4,450,171
$72.77
$56.70
Latest Key Developments (Source: Significant Developments)
Target Corp Increases Regular Quarterly Dividend By 19%
Target Corp announced that it has declared a quarterly dividend of $0.43 per common share, representing a 19.4% increase from the prior quarterly dividend of $0.36. The dividend is payable September 10, 2013 to shareholders of record at the close of business August 21, 2013. Full Article
Target Corp And Other Retailers Sue Visa Inc, MasterCard Inc Over Card Fees-Reuters
Reuters reported that Macy's Inc and Target Corp have sued Visa Inc. and MasterCard Inc, breaking off from a proposed $7.2 billion settlement reached last year over fees to process credit card transactions. The lawsuit, filed in U.S. District Court in Manhattan, came ahead of a May 28 deadline for the millions of merchants affected by the settlement to decide whether to forego receiving damages under the pact and pursue their own legal action. Representatives of Visa and MasterCard had no immediate comment on the new lawsuit. Also named as plaintiffs in the lawsuit are J C Penney Company Inc, Kohl's Corp and TJX Companies Inc. The lawsuit seeks compensatory and triple damages, as well as other remedies. Full Article
Target Corp Issues Q2 2013 EPS Guidance Above Analysts' Estimates; Lowers FY 2013 EPS Guidance
Target Corp announced that for second quarter of 2013, it expects adjusted earnings per share (EPS) in the range of $1.09 to $1.19 and GAAP EPS of $0.90 to $1.00. The difference between the adjusted and GAAP EPS ranges reflects expected dilution of approximately 16 cents related to Canadian operations, and 3 cents related to the expected reduction in the beneficial interest asset recorded on the sale of credit card portfolio. For fiscal 2013, it expects adjusted EPS of $4.70 to $4.90, compared with prior guidance of $4.85 to $5.05. GAAP EPS is expected to be $4.12 to $4.32, approximately 58 cents lower than adjusted EPS due to losses related to the early retirement of debt of 42 cents per share, expected EPS dilution related to the canadian segment of approximately 45 cents and net accounting gains of approximately 29 cents associated with the sale of Target's entire consumer credit card receivables portfolio to TD Bank Group. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $1.06 for second quarter of 2013; EPS of $4.48 for fiscal 2013. Full Article
Target Corp Sees Q1 2013 EPS Guidance Slightly Below Low End Of Prior Range; Reaffirms FY 2013 EPS Guidance; Comments on Comparable Same Store Sales Guidance
Target Corp announced that it expects its first quarter of 2013 comparable-store sales growth will be approximately flat, due to softer-than-expected sales trends particularly in seasonal and weather-sensitive categories across the store, adjusted EPS will be slightly below the low end of the prior guidance of $1.10 to $1.20, GAAP EPS to be approximately $0.28 lower than adjusted EPS, due to, Losses, recognized in interest expense, related to the early retirement of debt of approximately $445 million, or $(0.41) per share; Expected EPS dilution related to the Canadian Segment of approximately $(0.23), and; Net accounting gains of approximately $0.36 cents associated with the sale of Target's entire consumer credit card receivables portfolio to TD Bank. For Fiscal 2013 it expects adjusted EPS consistent with the previous guidance of $4.85 to $5.05. The Company expects fiscal 2013 GAAP EPS to be approximately $0.57 lower than adjusted EPS due to; Losses, recognized in interest expense, related to the early retirement of debt of approximately $445 million, or $(0.41) per share; Expected EPS dilution related to the Canadian Segment of approximately $(0.45) and; Net accounting gains of approximately $0.29 associated with the sale of Target's entire consumer credit card receivables portfolio to TD Bank. Full Article
Target Corp Announces Acquisition Of CHEFS Catalog And Assets Of Cooking.com
Target Corp announced agreements to acquire CHEFS Catalog and assets of Cooking.com in two separate transactions. The e-commerce acquisitions are aimed at expanding Target`s presence in the growing cooking and kitchenware market. Following the closings, the two businesses will be combined to create a new, wholly owned subsidiary of Target. Both brands will continue to operate under their current names. Target believes these transactions present a strategic growth opportunity; however, there will not be any meaningful financial impact to Target`s 2013 results. Both transactions are expected to close within 30 days. Financial terms are not being disclosed. Full Article
Target Corp Declares Regular Quarterly Dividend
Target Corp announced that the Board Of Directors has declared a quarterly dividend of 36 cents per common share. The dividend is payable June 10, 2013 to shareholders of record at the close of business May 15, 2013. Full Article
Target Corp Announces Management Change
Target Corp announced that Terry Scully, President, Financial and Retail Services, plans to retire in March 2014. Effective April 1, 2013. Full Article
Target Corp Issues Q1, FY 2013 EPS Guidance Above Analysts' Estimates
Target Corp announced that first quarter of 2013, it expects adjusted earnings per share (EPS) of $1.10 to $1.20 and GAAP EPS of $1.22 to $1.32. For fiscal 2013, it expects adjusted EPS of $4.85 to $5.05 and GAAP EPS of $4.70 to $4.90. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $1.05 for first quarter of 2013; EPS of $4.40 for fiscal 2013. Full Article
Target Corp Declares Regular Quarterly Dividend
Target Corp announced that it has declared a quarterly dividend of 36 cents per common share. The dividend is payable March 10, 2013 to shareholders of record at the close of business February 20, 2013. Full Article
Target Corp Sees To Meet Or Exceed Q4 2012 EPS Guidance
Target Corp updated fourth quarter of 2012 guidance and expects earnings per share (EPS) to meet or somewhat exceed the low end of the prior guidance. Previously the Company provided fourth quarter 2012 adjusted EPS guidance of $1.64 to $1.74 and GAAP EPS of $1.45 to $1.55. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $1.50 for fourth quarter of 2012. Full Article
Fitch Affirms Target's IDR at 'A-'; Outlook Stable
(The following statement was released by the rating agency) CHICAGO, June 18 (Fitch) Fitch Ratings has affirmed its long-term Issuer Default Rating (IDR) on Target Corporation (Target) at 'A-', and its short-term IDR at 'F2'. The Rating Outlook is Stable. Target had $12.3 billion of senior notes outstanding as of May 4, 2013. A full rating list is shown below. Key Rating Drivers: The affirmation reflects Target's strong competitive position in the discount retail sector and steady operating
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