Target Reports October Sales Results
MINNEAPOLIS -- November 01, 2012
Target Corporation (NYSE:TGT) today reported that its net retail sales for the
four weeks ended October 27, 2012 were $4,982 million, an increase of 3.0
percent from $4,839 million for the four weeks ended October 29, 2011. On this
same basis, October comparable-store sales increased 2.4 percent.
“While Target’s October comparable-store sales were near the low end of our
expected range, our third quarter comparable-store sales increase of 2.9
percent was in line with our guidance,” said Gregg Steinhafel, chairman,
president and chief executive officer of Target Corporation. “As we enter the
fourth quarter we feel very good about our holiday season merchandising and
marketing plans and our ability to deliver outstanding value for our guests
while generating strong financial performance for our shareholders. With
programs like 5% REDcard Rewards and Holiday Price Match our guests can shop
at Target with confidence – knowing they’re getting the best prices on a
unique assortment of holiday wants and needs.”
In its second quarter 2012 earnings press release Target indicated thatin
third quarter 2012 it expected adjusted EPS of $0.83 to $0.93 and GAAP EPS of
$0.69 to $0.79. The 14 cent difference between these ranges reflected the
expected EPS impact of expenses related to the company’s Canadian market
launch. Beyond the impact of its Canadian market launch, Target now expects
two factors to benefit its third quarter 2012 GAAP EPS (both will be excluded
from Target’s adjusted EPS calculation):
*The favorable resolution of income tax matters, which the company
estimates will increase GAAP EPS by approximately 4 cents.
*A gain from Target’s recently announced agreement to sell its credit card
receivables portfolio to TD Bank Group, which the company expects to
increase GAAP EPS by approximately 15 cents.
Sales Total Sales Comparable Stores % Change
(millions) % Change This Year Last Year
October $4,982 3.0 2.4 3.3
Quarter-to-date $16,601 3.4 2.9 4.3
Year-to-date $49,589 4.3 3.7 3.4
Target’s current sales disclosure practice includes a sales recording on the
day of the monthly sales release. Consistent with this practice, a new message
was recorded earlier today. The next sales recording is expected to be issued
on Thursday, November 29, 2012. These recordings may be accessed by calling
866-526-7639. Text versions of our recordings are available on our Investor
Relations website, www.target.com/investors, by clicking on “Monthly Sales
Summaries.” The company has announced that it will no longer report monthly
sales beginning with its 2013 fiscal year.
Statements in this release related to expected earnings performance are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements speak only as of the date they
are made and are subject to risks and uncertaintieswhich could causethe
company'sactual resultsto differ materially.The most important risks and
uncertainties are described inItem 1Aof the company'sForm 10-K for the
fiscal year ended January 28, 2012 and Form 10-Q for the fiscal quarter ended
July 28, 2012.
Minneapolis-based Target Corporation (NYSE:TGT) serves guests at 1,781 stores
across the United States and at Target.com. The company plans to open its
first stores in Canada in 2013. Since 1946, Target has given 5 percent of its
profit through community grants and programs; today, that giving equals more
than $4 million a week. For more information about Target’s commitment to
corporate responsibility, visit Target.com/hereforgood.
For more information, visit Target.com/Pressroom.
John Hulbert, 612-761-6627
Stacey Wempen, 612-761-6785
Target Media Hotline, 612-696-3400
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