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Target tops earnings view, but tempers profit outlook
MINNEAPOLIS — First-quarter sales at Target increased 2.8% to $15.6 billion, and same-store sales increased 2% the company reported. The modest sales growth translated into earnings per share that advance 9.8% to 99 cents, four cent better than analysts’ consensus estimate of 95 cents, and net income that increased 2.7% to $689 million. Share repurchase activity contributed to the earnings per share growth as Target spent $819 million during the first quarter to buy back 15.4 million shares at an average price of $53.32.