TARGET REITERATES GUIDANCE AND INCREASES HOURLY MINIMUM WAGE
Minneapolis-based Target Corporation has reiterated its most recent sales and EPS guidance for third quarter and full year 2017. Consistent with the Company’s second quarter 2017 earnings release, Target expects both third quarter and fourth quarter 2017 comparable sales growth will be within the range the Company experienced in the first and second quarters of 2017, and expects its full-year 2017 comparable sales growth will be in a range around flat, plus or minus 1 percent.
For third quarter 2017, the Company continues to expect both GAAP EPS from continuing operations and Adjusted EPS of $0.75 to $0.95. For full-year 2017, the Company continues to expect GAAP EPS from continuing operations of $4.35 to $4.55, and Adjusted EPS of $4.34 to $4.54.
In addition, the company announced plans to raise its minimum hourly wage for all team members to $11 in October, along with a commitment to increasing the minimum hourly wage to $15 by the end of 2020. This increase will also apply to the more than 100,000 hourly team members that Target is hiring for the holiday season.
This significant investment in its team will allow Target to continue to recruit and retain strong team members and provide an elevated experience for its guests and in the communities it serves, according to executives. “Target has a long history of investing in our team members. We care about and value the more than 323,000 individuals who come together every day with an absolute commitment to serving our guest,” said Brian Cornell, CEO and chairman of Target. “Target has always offered market competitive wages to our team members. With this latest commitment, we’ll be providing even more meaningful pay, as well as the tools, training and support our team needs to build their skills and develop professionally
