MINNEAPOLIS, MN - Target Corporation is reportedly on the up after the release of its first quarter for the fiscal 2015 year.

In expanding on its food specifically, Target reportedly added nearly 1,300,000 square feet on food assortment in its stores, however the company did not segregate fresh food or grocery revenue separately. According to reports from Reuters and the Wall Street Journal, the company did make changes just this week, pulling away from more processed food companies and turning its focus to fresh and organic labels.

“We’re pleased with our first quarter traffic and sales, particularly in our signature categories, which drove better-than-expected profitability through improved gross margin and continued expense management,” Brian Cornell, Chairman and CEO of Target, said in the report. “We continue to benefit from strong execution by our stores team, who overcame weather challenges and West Coast port delays to deliver outstanding guest service in the first quarter.”

Highlights for the quarter included:

• First quarter Adjusted EPS of $1.10 was above the company’s expected range of $0.95 to $1.05. The Company now expects full-year 2015 Adjusted EPS of $4.50 to $4.65, compared with prior guidance of $4.45 to $4.65.
• First quarter comparable sales increased a better-than-expected 2.3 percent, driven by growth in both transactions and basket size.
• Digital channel sales increased 37.8 percent, contributing 0.8 percentage points to comparable sales growth.
• Target returned cash through share repurchase for the first time since the second quarter of 2013, with purchases of $562 million in shares of common stock in the first quarter. Including dividends, the company returned $895 million to shareholders in the first quarter, more than 140% of net income.

The company reported first quarter 2015 adjusted earnings per share from continuing operations (Adjusted EPS) of $1.10, up 19.6 percent from $0.92 in 2014. GAAP EPS from continuing operations were $1.01, compared with $0.89 in first quarter 2014. First quarter 2015 GAAP EPS from continuing operations reflect $103 million of restructuring costs that are excluded from Adjusted EPS. According to Target, earnings per share figures refer to diluted EPS.

First quarter 2015 sales increased to $17.1 billion, 2.8 percent from $16.7 billion last year, reflecting a 2.3 percent increase in comparable sales combined with sales from new stores.

The company now reportedly expects a full-year 2015 Adjusted EPS of $4.50 to $4.65, compared with prior guidance of $4.45 to $4.65. Because there were no definitive numbers on the fresh food segment individually, it remains to be seen if the company's recent apparent focus on the fresh sector is a result of a contribution to the success of its first quarter.

Stay tuned to AndNowUKnow for the latest financial reports and information for the industry.