Target Corp. (NYSE: TGT), the Minneapolis-based discount retail giant, is scheduled to discuss its second quarter 2009 results tomorrow at 9:30 AM ET. You can catch the webcast of the call on the company's website.
For the quarter in which Target increased its quarterly dividend, had a contentious annual meeting, and opened 23 new stores, analysts surveyed by Thomson Reuters expect to see that earnings fell 19.5% from a year ago to $0.66 per share. That's also down three cents per share from the first quarter. Revenue for the second quarter is expected to be 2.1% lower to $15.2 billion. Earnings have only fallen short of estimates in one of the past five quarters -- in the first quarter they beat by 15.8%.
For the full year, analysts are so far looking for $2.86 per share on sales of $65.2 billion, which is about the same as a year ago.
Target's earnings multiple is 14x, and its long-term EPS growth forecast is 13.3%, which is better than larger rival Wal-Mart Stores Inc. (NYSE: WMT). Short interest has been falling since the beginning of the year, and cash flow from operations have been rising over the past few quarters. The First Call consensus recommendation shifted from hold to buy TGT in the past quarter.
Shares are about 21% higher year to date but still about 18% lower than a year ago.
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