Target Corporation (TGT) posted a 3.4% rise in total revenues to $16.8 billion for the first quarter of 2018 helped by a 3.5% sales growth. Comparable sales grew 3% while comparable digital channel sales jumped 28%.
Net earnings grew 5.9% during the quarter to $718 million while diluted EPS rose 8.7% to $1.33 compared to the prior-year period. Adjusted EPS rose 9.4% to $1.32. Quarterly results missed market expectations on revenue and adjusted EPS and sent the stock down around 7% in premarket trading.
Traffic growth during the quarter was 3.7%, the strongest quarterly performance in over a decade. The company saw broad market share gains across its core merchandise categories. During Q1 2018, Target completed 56 remodels, opened seven new stores and introduced three new brands.
Target entered into a temporary collaboration with apparel brand Hunter and introduced its Drive-Up service in over 250 stores. Drive-Up allows orders to be placed through the Target app and collected curbside.
Target is looking to reinvest over $7 billion into its business over the next two years. The company is focusing on store openings and redesigns, broadening its assortment and improving its delivery services. The company expanded Target Restock across the nation and rolled out same-day delivery from over 700 stores aided by the Shipt acquisition.
Target expects Q2 2018 comparable sales growth to accelerate into the low to mid-single-digit range. For Q2 2018, the company expects both GAAP EPS from continuing operations and adjusted EPS of $1.30 to $1.50.
For full-year 2018, Target expects a low-single-digit increase in comparable sales, and both GAAP EPS from continuing operations and adjusted EPS of $5.15 to $5.45.
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