DAYTON HUDSON FIRST QUARTER EARNINGS PER SHARE 10 CENTS VERSUS 47 CENTS.MINNEAPOLIS--(BUSINESS WIRE)--May 16, 1995--Dayton Hudson Hudson, towns, United States Hudson. 1 Industrial town (1990 pop. 17,233), Middlesex co., E central Mass., on the Assabet River, in an apple-growing region; settled c.1699, inc. 1866. Corporation today reported fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of 10 cents for the first quarter ended April 29, 1995, compared with 47 cents in the same period a year ago. Earlier this month Dayton Dayton, city (1990 pop. 182,044), seat of Montgomery co., SW Ohio, on the Great Miami River where it is joined by the Stillwater River; inc. 1805. It is the trade center for a fertile farm area, but is best known for its involvement with industry, invention, and Hudson said it expected to report first-quarter earnings per share of 10 cents. Net earnings were $11 million, compared with $39 million in first-quarter 1994. "Our first quarter results primarily reflect Mervyn's weak performance in the first three months. The earnings decline also was due to slightly weaker-than-expected results at the Department Stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. ," said Bob Ulrich
Robert J. Ulrich (born 1944) is the chief executive officer and chairman of the Target Corporation, the sixth-largest retailer in the United States. , Dayton Hudson chairman and chief executive officer. "We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our full-year performance, and expect stronger results from Mervyn's in the second half." First-quarter operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. for the corporation declined significantly. (Operating profit is LIFO (Last In-First Out) A queueing method in which the next item to be retrieved is the item most recently placed in the queue. Contrast with FIFO. LIFO - stack earnings from operations before corporate expense, interest and income taxes.) Total revenues increased 7 percent in the quarter to $4.76 billion, compared with $4.47 billion last year. Comparable-store revenues increased 1 percent. Target operating profit in the quarter increased moderately on increases of 12 percent for total revenues and 4 percent for comparable-store revenues. Target's gross margin rate improved due to higher markup (text) markup - In computerised document preparation, a method of adding information to the text indicating the logical components of a document, or instructions for layout of the text on the page or other information which can be interpreted by some automatic system. . Target's operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. rate increased due to a variety of factors. Mervyn's operating profit declined significantly to essentially zero in first-quarter 1995 as total revenues decreased 5 percent and comparable-store revenues decreased 7 percent. Mervyn's gross margin rate decreased due to the sales decline and higher markdown Markdown The difference between the highest current bid price among broker-dealers in the market and the lower price that a dealer charges a customer. Notes: The broker offers a lower price to try stimulate trading in hopes that they will make the money back on the extra levels. Mervyn's operating expense rate was unfavorable due to lower sales leveraging. Operating profit at the Department Store Division declined compared with a strong first quarter a year ago. Total and comparable-store revenues were unchanged. The Department Stores' gross margin rate declined due to unfavorable markdowns, and the expense rate increased slightly. The LIFO provision was zero in first-quarter 1995 and first-quarter 1994. Net interest expense for the quarter increased $1 million compared with first quarter 1994 due to higher average debt balances, partially offset by lower average portfolio interest rates. The effective tax rate was 39.5 percent, compared with 39 percent in the prior year. Dayton Hudson Corp. is the nation's fourth largest general merchandise retailer, specializing in large-store formats, including discount stores, moderate-priced promotional and traditional department stores. Dayton Hudson opened 15 Target stores and one Mervyn's store during the quarter. The company operates 973 stores in 33 states. -0- Dayton Hudson Corporation and Subsidiaries Revenues by business segment were as follows:
Three Months Ended
% Change
All Comp.(a)
Millions of Dollars April 29,1995 April 30, 1994 Stores Stores
Target $3,157 $2,819 12% 4% Mervyn's 914 960 (5) (7) DSD 686 686 0 0 TOTAL $4,757 $4,465 7% 1%
(a) Comparable-store revenues are revenues from stores open
longer than a year.
CONDENSED CONSOLIDATED Dayton Hudson Corporation RESULTS OF OPERATIONS and Subsidiaries (Millions of Dollars, Except Per-Share Data) Three Months Ended (Unaudited) April 29,1995 April 30, 1994 Revenues $4,757 $4,465 Costs and Expenses Cost of retail sales, buying and occupancy 3,504 3,253 Selling, publicity and administrative 893 820 Depreciation 140 129 Interest expense, net 107 106 Taxes other than income taxes 95 93 Total Costs and Expenses 4,739 4,401 Earnings Before Income Taxes 18 64 Provision for Income Taxes 7 25 Net Earnings $ 11 $ 39 Primary Earnings Per Share $ 0.09 $ 0.48 Fully Diluted Earnings Per Share $ 0.10 $ 0.47 Dividends Declared Per Common Share $ 0.44 $ 0.42 Average Common Shares Outstanding (Millions): Primary 72.1 71.9 Fully Diluted 76.2 76.3 CONTACT: Susan SUSAN Smallest Univalue Segment Assimilating Nucleus SUSAN Sub Saharan African Network SUSAN Smart Ultrasonic System for Aircraft NDE Eich (media) 612/304-0700 or Susan Kahn Kahn , Louis Isadore 1901-1974. Estonian-born American architect whose bold monumental designs include the Yale University Art Gallery (1954) and the Kimbell Art Museum in Fort Worth, Texas (1972). Noun 1. (investor) 612/370-6735 |
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