Focus on Corporation

 Target Company Essay

Target Corporation's CEO Discusses Q4 2013 Outcomes - Earnings Call Transcript Feb. 21, 2014 2: 30 PM ET  |  About:  TGT

Operator

People, thank you for standing by. Welcome for the Target Corporation's Fourth 1 / 4 Earnings Discharge Conference Call up. During the business presentation, all participants will be in a listen-only method. (Operator Instructions) As a reminder, this kind of conference will be recorded Wednesday, February twenty six, 2014. I would now like to turn the conference to Mr. Gregg Steinhafel, Chairman, President and Chief Executive Officer. Make sure you go ahead. Gregg Steinhafel - Chairman, President and CEO

Good morning, and pleasant to our 2013 fourth one fourth earnings seminar call. At risk with me today are Kathy Tesija, Executive Vice President of Merchandising; and John Mulligan, Executive Vp and Key Financial Expert. This morning, I will provide a dangerous summary of your fourth one fourth results and strategic focus for the year ahead, and Kathy will certainly discuss category results, guest insights, plus the holiday season. And lastly, John provides more detail in our financial performance, along with our economical outlook pertaining to 2014. Following John's remarks, we'll available the phone lines for a question-and-answer session. As a reminder, we are became a member of on this meeting call by investors and more who will be listening to each of our comments by way of webcast. Following this conference contact, John Hulbert and John Mulligan as well available throughout the day to answer any follow-up questions you might have. Also as a reminder, any forward-looking statements that people make this early morning are susceptible to risks and uncertainties, the main of which are described in the 8-K we all filed today. Finally, in these remarks, we all refer to adjusted earnings every share, the non-GAAP financial measure. A reconciliation to our GAAP effects is included with this morning's report posted on our Investor Relations website. Target's fourth 1 / 4 financial benefits reflect better than expected U. S segments performance in the first 3 weeks in the holiday season, then meaningfully smoother results, following our 12 , 19th announcement that crooks had obtained access to guest payment cards data in our U. T stores. Altogether, fourth one fourth comparable product sales decreased 2 . 5% in line with our updated guidance in January. Throughout the quarter our team managed the business enterprise extremely well, altering both products on hand and expenses to match the rapidly changing pace of sales. Therefore, our US operations generated fourth one fourth adjusted revenue per reveal of $1. 30 at the high-end of the updated guidance we provided in January. In Canada, we all worked diligently to influence holiday targeted traffic in an effort to clear excess inventory. Markdowns resulting from this efforts drove an extremely low low margin price, but allowed us to minimize average products on hand per shop in Canada by simply approximately 30% between the starting and end of the 4th quarter. Canadian segment EPS dilution was $0. 45 in the quarter, $0. 05 better than the updated assistance we offered in January. We are satisfied that our early on cycle Canadian stores have seen the most improvement giving all of us confidence we will still see ongoing improvement across all our Canadian stores in 2014. Last quarter GAAP EPS of $0. seventy eight reflects U. S and Canadian portion performance along with costs related to each of our recent reorganization, rearrangement, reshuffling in data breach along with little accounting and tax matters. As we job to address the impact of the mid-December data infringement, we have position the welfare of your guests in the middle of every decision we've produced. We have disseminated in early and frequently providing the very best information there were about new facts in ongoing -- on the constant investigation. We all consistently guaranteed our guests that they could have zero the liability for any not authorized charges issues card accounts resulting from the breach. We increased scam detection to get REDcard cases and...


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