Boston, MA 08/20/2014 (wallstreetpr) – Target Corporation (NYSE:TGT) has announced the earnings for the Q2 2014. Overall performance of TGT is good in terms of sales and profit figures.
Financial results:
Earnings per share for the Q2 were $0.78 per share, while the GAAP EPS for the same period was $0.37. The Target Corporation (NYSE:TGT) outperformed the industry in terms of digital sales growth. According to reports, the digital sales of the company (including flexible fulfillment) grew by 30% during Q2 2014. It was almost double than the growth rate of digital sales industry. When it comes to the U.S. Segment transactions, Target Corporation (NYSE:TGT) posted a negative figure of -1.3% that was better than the previous (-2.3%) quarter.
Sales in Canadian segment showed an eye-popping growth rate of 63.1%. It touched hefty $449 million figure in comparison with $275 million of previous year’s. Company did not only earn for itself, but also distributed significant dividends to its shareholders. According to reports, it distributed total $272 million worth of dividends in Q2 2014, 18% more than the $231 million dividends of Q2 2013. As a result of this excellent growth, management decided to increase the quarterly dividend by 21% from 43 cents to 52 cents per share. The dividend is payable on September 10.
According to John Mulligan, CFO and Executive VP of Target Corporation (NYSE:TGT), “Although the financial result of Q2 2014 is not up to our expectations, but it has certainly shown the progress for the coming months.” The management is quite confident about higher financial figures in the Q3 2014. The financial results in New York and Canada locations were decent, but they will surely improve over a period. The sales in US market have improved in last few months, in July it was 1% up than the previous month. It is making important changes in Canada to improve the operational and financial efficiency.
