Executive Summary

• Target reported 4Q17 adjusted EPS of $1.37, down 5.5% from the year-ago quarter and in line with both the consensus estimate and guidance of $1.30–$1.40. Revenues were $22.77 billion, up 10% year over year and ahead of the $20.53 billion consensus estimate.
• Comparable sales were up 3.6%, ahead of the consensus estimate of 3.4%, on a 3.2% increase in traffic.
• The company guided for FY18 EPS of $5.15–$5.45, the midpoint of which is above the $5.21 consensus estimate. The company expects FY18 comps in the low single digits versus the 1.7% consensus estimate.