EmailTarget (TGT $50.61 +1.24) reported second quarter earnings of $1.03
per share, $0.06 better than the Capital IQ Consensus Estimate of $0.97.
Revenues rose 4.6% year/year to $16.24 billion versus the $16.18 billion
consensus; comps +3.9%.
In the third quarter, the company expects to see earnings guidance of $0.70 to
$0.75 versus the $0.72 Capital IQ Consensus Estimate.
In fiscal year 2012, the company expects to see earnings of $4.15 to $4.30
versus the $4.14 Capital IQ Consensus Estimate, vs. $4.23 achievable but above
midpt of reasonable range' last quarter.
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Second quarter 2011 EBITDA and EBIT margin rates were 10.3% and 7.2%,
respectively, compared with 10.5% and 7.2% in 2010. Second quarter gross margin
rate declined to 31.6% in 2011 from 32.0% in 2010, due to the impact of the
company's integrated growth strategies.
The company's second quarter selling, general and administrative (SG&A) expense
rate improved to 21.3% in 2011, compared with 21.5% in 2010. Second quarter bad
debt expense was $15 million in 2011, down from $138 million in 2010, In the
second quarter 2011, the company repurchased ~14.3 million shares of its common
stock at an average price of $48.11, for a total investment of $688 million.
"We're very pleased with our second quarter financial results, which benefited
from an acceleration in the pace of our comparable-store sales growth."
than one year.
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