Two Notable Earnings: Target Corporation & Tumi Holdings (NYSE: TGT, TUMI)
Target Corporation (NYSE:TGT) shares are up over 2% in the pre-market session as the company reported increased first quarter profit as the discount chain pulled in more shoppers with its food and trendy fashions.
The company said that it earned $697 million, or $1.04 per share, in the first quarter that ended in April, compared with a profit of $689 million, or 99 cents per share, a year earlier.
Sales at stores open at least a year, or same-store sales, rose 5.3 percent, the strongest quarterly performance in more than six years, Target previously said. That fell short of analysts’ average forecast of 5.6 percent growth, according to Thomson Reuters.
Sales rose 6.1 percent to $16.54 billion, Target said earlier this month.
Analysts were estimating $1.02 per share on revenue of $16.83 billion.
Tumi Holdings Inc (NYSE:TUMI) reported late Tuesday that the company earned $2.9 million or $0.06 per share, compared with net loss of $0.1 million or $0.01 per share last year.
Excluding preferred dividend expense, earnings for the quarter were $9.2 million or $0.17 per share, compared to earnings of $5.6 million or $0.11 per share last year.
Net sales for the quarter grew 21.4% to $80.0 million from $65.9 million last year.
During the first quarter 2012, Tumi opened 4 new stores and closed 2. At March 25, 2012, Tumi operated 99 company-owned stores.
Looking ahead to fiscal 2012, Tumi expects net income of $30 million to $32 million or $0.47 to $0.50 per share; and adjusted earnings of $41 million to $43 million, or $0.64 to $0.67 per share. Tumi expects full year sales of $385 million to $390 million.
Shares of TUMI closed 1.18% higher at $21.50 on Tuesday.