Target Corporation at its Annual Meeting of Shareholders held on June 12, 2013, approved appointment of Gregg W. Steinhafel as director of the company.

The board of directors of Target Corporation has declared a quarterly dividend of 43 cents per common share, representing a 19.4% increase from the prior quarterly dividend of 36 cents. The dividend is payable September 10, 2013 to shareholders of record at the close of business August 21, 2013.

Annual Shareholder Meeting

Target Corp. reported unaudited consolidated earnings results for the first quarter ended May 4, 2013. For the quarter, the company reported sales of $16,706 million compared to $16,537 million in the same period last year. Earnings before interest expense and income taxes was $1,408 million compared to $1,285 million in the same period last year. Earnings before income taxes was $779 million compared to $1,101 million in the same period last year. Net earnings was $498 million compared to $697 million in the same period last year. Diluted earnings per share were $0.77 compared to $1.04 in the same period last year. Cash flow provided by operations was $3,230 million compared to $1,307 million in the same period last year. Expenditures for property and equipment was $901 million compared to $829 million in the same period last year. Adjusted earnings per share, a measure the company believes is useful in providing period-to-period comparisons of the results of its U.S. operations, were $1.05 in first quarter 2013, down 5.0% from $1.11 in 2012. The company provided earnings guidance for the second quarter and full-year 2013. In second quarter 2013, the company expects adjusted EPS of $1.09 to $1.19 and GAAP EPS of $0.90 to $1.00. The difference between the adjusted and GAAP EPS ranges reflects expected dilution of approximately 16 cents related to Canadian operations, and 3 cents related to the expected reduction in the beneficial interest asset recorded on the sale of its credit card portfolio. For full-year 2013, the company now expects adjusted EPS of $4.70 to $4.90, compared with prior guidance of $4.85 to $5.05. GAAP EPS is expected to be $4.12 to $4.32, approximately 58 cents lower than adjusted EPS due to: Losses related to the early retirement of debt of 42 cents per share; Expected EPS dilution related to the Canadian Segment of approximately 45 cents, and; Net accounting gains of approximately 29 cents associated with the sale of Target's entire consumer credit card receivables portfolio to TD Bank Group.

Target Corp., Q1 2013 Earnings Call, May 22, 2013