MINNEAPOLIS--(BUSINESS WIRE)--Oct. 8, 2009--
Target Corporation (NYSE:TGT) today reported that its net retail sales
for the five weeks ended October 3, 2009 were $5,392 million, an
increase of 1.3 percent from $5,320 million for the five weeks ended
October 4, 2008. On this same basis, September comparable-store sales
decreased 1.7 percent.
“Sales for the month of September exceeded our expectations as the trend
in our comparable transactions continued to improve,” said Gregg
Steinhafel, chairman, president and chief executive officer of Target
Corporation. “As a result of stronger-than-expected retail segment EBIT
margin combined with this improved sales trend, we expect our third
quarter EPS performance to exceed the current median FirstCall estimate
of 43 cents. In addition, we continue to experience credit card segment
results in line with our expectations. While our outlook for the third
quarter has improved, we remain cautious in our expectations for fourth
quarter results in both of our business segments.” Earnings per share
figures refer to diluted earnings per share.
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Sales
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Total Sales
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Comparable Stores % Change
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(millions)
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% Change
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This Year
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Last Year
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September
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$5,392
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|
1.3
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|
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(1.7
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)
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(3.0
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)
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|
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Quarter-to-date
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$10,248
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0.7
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|
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(2.3
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)
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(2.6
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)
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|
|
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|
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|
|
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Year-to-date
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$39,176
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|
(0.7
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)
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(4.3
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)
|
|
(1.1
|
)
|
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 5, 2009. These recordings
may be accessed by calling 612-761-6500.
Target Corporation's retail segment includes large general merchandise
and food discount stores and Target.com, a fully integrated on-line
business. In addition, the company operates a credit card segment that
offers branded proprietary and Visa credit card products. The company
currently operates 1,743 Target stores in 49 states.
The statement on expected earnings per share is a forward-looking
statement 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 uncertainties which could cause the
company's actual results to differ materially. The most important risks
and uncertainties are described in Item 1A of the company's Form 10-K
for the fiscal year ended January 31, 2009.
Target Corporation news releases are available at www.target.com.
Source: Target Corporation
Target Corporation
Investors:
John Hulbert, 612-761-6627
or
Financial
Media:
Eric Hausman, 612-761-2054
