On the business day following closing of merger, $CUZ and $PKY will effect a taxable spin-off of the Houston-based assets of both companies into a new publicly-traded REIT named Parkway, Inc. The spin-off will be achieved through a special dividend by $CUZ to the stockholders of the combined company.
For 1Q17, $TGT expects a low-to-mid single digit decline in comparable sales, and EPS of $0.80-1.00. For 2017, $TGT expects a low-single digit decline in comparable sales, and EPS of $3.80-4.20. The 2017 forecast reflects the impact of the company's transition to a new financial model.
$TGT's sales for 4Q16 decreased 4.3% from last year, reflecting a 1.5% decline in comparable sales combined with with the removal of pharmacy and clinic sales from this year's results. Comparable digital channel sales grew 34% and contributed 1.8 percentage points of comparable sales growth.
$TGT reported a 42.7% drop in 4Q16 earnings due to the impact of rapidly-changing consumer behavior, which drove very strong digital growth but unexpected softness in stores. Net income fell to $817MM or $1.45 per share from $1.43Bil or $2.32 per share last year. Sales declined 4.3% to $20.69Bil. Adjusted EPS decreased 4.6% to $1.45.