March 25, 2020 / 11:00 AM / 8 days ago

BRIEF-Target Withdraws Prior Guidance For Q1, FY 2020 Sales, Oper Income, EPS

March 25 (Reuters) - Target Corp:

* TARGET PROVIDES BUSINESS UPDATE RELATED TO COVID-19

* TARGET - WITHDREW PRIOR GUIDANCE FOR Q1 AND FY 2020 SALES, OPERATING INCOME AND EPS

* TARGET - AS COVID-19 CRISIS HAS EVOLVED, CO HAS BEEN EXPERIENCING UNUSUALLY STRONG TRAFFIC & SALES, PARTICULARLY IN STORES, SAME-DAY SERVICES

* TARGET - SUSPENDING SHARE REPURCHASE ACTIVITY IN CURRENT ENVIRONMENT

* TARGET - HAS ADJUSTED EXPECTED TIMING OF SOME OF ITS STRATEGIC INITIATIVES

* TARGET - NOW ANTICIPATE ABOUT 130 REMODELS IN 2020, DOWN FROM PREVIOUS EXPECTATION OF ABOUT 300

* TARGET - NOW EXPECTS TO OPEN 15-20 NEW SMALL FORMAT STORES IN 2020, RATHER THAN 36 PREVIOUSLY ANNOUNCED

* TARGET - EFFORT TO INCORPORATE FRESH GROCERY, ADULT BEVERAGES INTO CO’S DRIVE UP AND ORDER PICKUP SERVICES IS TEMPORARILY ON HOLD

* TARGET - FEB. 2020 TOTAL COMPANY COMPARABLE SALES INCREASED 3.8%

* TARGET - BEGINNING IN MID-MARCH, PERFORMANCE SOFTENED MEANINGFULLY IN APPAREL & ACCESSORIES

* TARGET - BEGINNING IN MID-MARCH, EXPERIENCED STRONGER SURGE IN TRAFFIC & SALES, HEAVILY CONCENTRATED IN ESSENTIALS AND FOOD & BEVERAGE CATEGORIES

* TARGET - BEGINNING IN MID-MARCH, STRENGTH ALSO EMERGED WITHIN PORTIONS OF HARDLINES THAT SUPPORT IN-HOME ACTIVITIES

* TARGET SAYS MONTH-TO-DATE IN MARCH, COMP SALES IN APPAREL & ACCESSORIES ARE DOWN MORE THAN 20% VERSUS LAST YEAR

* TARGET SAYS MONTH-TO-DATE IN MARCH, OVERALL COMP SALES ARE MORE THAN 20% ABOVE LAST YEAR, COMP SALES IN ESSENTIALS AND FOOD & BEVERAGE UP MORE THAN 50%

* TARGET - CERTAIN Q1 COSTS ANTICIPATED TO BE HIGHER THAN PRIOR EXPECTATIONS; CHANGES EXPECTED TO ADD MORE THAN $300 MILLION OF INCREMENTAL COSTS TO PRIOR OUTLOOK Source text for Eikon: Further company coverage:

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