Retail giant Target Corporation (TGT) on Thursday reported June comparable sales numbers that missed Wall Street expectations.
The Minneapolis-based company reported June same-store sales rose 2.1% from last year. On average, Wall Street analysts expected a better 2.8% gain. Same-store sales are a key metric used to measure a retailer’s performance, since they only take into account sales at stores open at least one year.
Meanwhile, total sales rose 2.6% to $6.419 billion.
CEO Gregg Steinhafel commented, “Following better-than-expected performance in May, our June comparable-store sales were near the low end of our expected range. We believe these results, combined with our outlook for July, keep us on-track to deliver second quarter sales and adjusted EPS in line with the guidance we provided at the time of our first quarter earnings release.”
Looking ahead, the company reiterated its second quarter adjusted earnings outlook of $1.04 to $1.14 per share.
Target shares fell $1.28, or -2.2%, in premarket trading Thursday.
The Bottom Line
Target currently offers a 2.49% dividend yield, based on Tuesday’s closing price of $57.78 and the company’s annualized dividend payout of $1.44 per share.
Target Corporation (TGT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.