Posted on 08/20/2014 8:17:55 AM PDT by DCBryan1
MINNEAPOLIS--(BUSINESS WIRE)--Aug. 20, 2014-- Target Corporation (NYSE:TGT) today reported second quarter Adjusted earnings per share1 of $0.78, a decrease of 20.6 percent from $0.98 per share in 2013, and GAAP earnings per share of $0.37. In addition to operating results, second quarter GAAP earnings per share reflect: Net pre-tax data breach expenses of $111 million, or (11) cents per share2; Pre-tax early debt retirement losses of $285 million, or (27) cents per share2; Pre-tax impairment losses on undeveloped U.S. land of $16 million, or (1) cent per share, and; A (1)-cent impact related to the reduction of the beneficial interest asset2.
The tables attached to this press release provide a reconciliation of non-GAAP to GAAP measures. All earnings per share figures refer to diluted earnings per share.
"While results from the quarter didn’t meet our expectations, we are seeing some early signs of progress as we work to improve results in the U.S. and Canada,” said John Mulligan, executive vice president and chief financial officer of Target Corporation.
Maybe it is because you pissed off law abiding gunowners? Their CFO should look to JCPenny and Dicks Sporting Goods as a clue to how their earnings will look in the future.
Target releases bad earnings report, the first since their insipid "NO GUNS" request and "crawfishing" apology later.
Be sure to talk to your broker about this report.
Im still long ATX, IRBT, RGR and SWHC. Buying lots of munis that Moody's has been upgrading their rating on also.
I think it has more to do with the Christmas data breach than any other one thing.
I stopped shopping there when they went pro gay and told the Salvation Army to take a hike.
Don’t forget their “Friend of the Court” brief supporting homosexuals.
Yes, but those numbers were reported 2 quarters ago....
This report has them baffled, and is more severe. Very indicitive of gun owners staying away.
Anyways, you are right about SA and pro-gay, hence my recommendation to look at JCP numbers.
Dicks EPS fell dramatically after Newtown massacre, and showed up in the financial report immediately after it.
They didn’t ban guns.
They just said that they’d rather you didn’t bring one shopping.
http://www.startribune.com/business/270048461.html
From the (Red)Star-Tribune, Aug 6, 2014; Target signs legal brief backing gay marriage
"Target Corp. has for the first time come out publicly in support of gay marriage, as a growing number of high-profile businesses take positions on the divisive issue."
"divisive issue;" sure, now we shall divide you from your profits. Bye Target!
I didn’t say anything about banning. Dicks did, however, ban MSRs, hurting their shareholders.
Object lesson in biting the hand that feeds you.
I stopped shopping there immediately after their anti gun stance was made known. And I used to spend about 150 a week there.
I think a big factor hurting Target is that they’ve yet to completely recover from the disastrous data breach in late 2013 that may have hurt the Christmas shopping season for many people because many millions of credit and debit cards had to be replaced at the worst time possible—right in the middle of the Christmas shopping season.
As pro-gun as I am, I don't think Target's request to customers not to bring guns had any impact at all on these numbers. Frankly, I continue to carry into Target all of the time, as do many other gun owners I know; concealed means concealed. I did get spotted once, and the assistant manager simply said "corporate has requested customers not bring weapons into the store". He didnt try to kick me out, nor did he call the po-po. I imagine other Target management are not so reasonable though.
I suspect the data breach had the biggest impact, however they are also operate assuming that a large portion of their clientele are suburban feminist soccer moms.
Having worked retail, this particular group will almost never be satisfied if something goes wrong. For example, we lost power along with a large portion of our region for several days due to a bad storm. While we had a 100KW ish generator to run lights, registers, etc, we had no refrigeration for perishable products. Everyone but this demographic knew bad storm half the people without power in the area, noting the store can do but wait. This group demand we rummage around the 3 or 4 reefer trailers in the parking lot to get them for 3 Dannon Blueberry yogurts. A apology explain the situation was “unacceptable” and normally they would leave the cart behind and stomp out.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.