Target Corp. on Wednesday posted first-quarter results that beat Wall Street’s expectations by 4 cents on a strong sales gain.
Target said net income jumped 17.5 percent to $651 million, or 75 cents a diluted share, from $554 million, or 63 cents, in the same year-ago quarter. Wall Street was expecting earnings per share of 71 cents. Total revenues gained 9.2 percent to $14 billion from $12.9 billion, which included a sales increase of 9 percent to $13.6 billion from $12.5 billion. Same-store sales increased 4.3 percent. Credit card revenues also helped to boost the company’s bottom line, which jumped 13 percent in the quarter to $418 million from $370 million.“Overall, we continued to increase our market share growing our total sales at 9 percent, a much more rapid pace than the growth rate of the overall U.S. market for similar or identical merchandising,” said Bob Ulrich, chairman and chief executive officer, in a conference call to Wall Street analysts.
In the same call, Gregg W. Steinhafel, president, said sales included “better-than-average performance in newborn-infant-toddler, electronics and nondiscretionary categories like health and beauty, pharmacy and consumables.”
Steinhafel said to sustain the discounter’s competitive advantage, Target is launching several initiatives in the second quarter. Earlier this month, the company debuted Patrick Robinson’s Greek-inspired fashion. In July, Target will be introducing Libertine by the British fashion duo Cindy Greene and Johnson Hartig. The retailer plans to continue to differentiate itself by increasing its private label brands in its food business.
Todd Slater of Lazard Capital Markets, in a research note Wednesday after the company posted results, wrote that his firm is “maintaining its 2007 earnings per share estimate of $3.68, above $3.60 guidance that was in line with consensus. We think guidance will be proven conservative, if the consumer remains healthy and credit delinquencies continue to improve.”
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)