MINNEAPOLIS--(BUSINESS WIRE)--Jan. 3, 2013--
Target Corporation (NYSE:TGT) today reported that its net retail sales
for the five weeks ended December 29, 2012 were $10,214 million, an
increase of 0.8 percent from $10,138 million for the five weeks ended
December 31, 2011. On this same basis, December comparable-store sales
were essentially flat.
“December sales were slightly below our expectations, as strong results
late in the month did not completely offset softness in the first three
weeks," said Gregg Steinhafel, chairman, president and chief executive
officer of Target Corporation. "Similar to November, profitability for
December benefited from our continued focus on achieving an appropriate
balance between price investments and driving sales, combined with
thoughtful inventory management. As a result, we expect Target’s fourth
quarter 2012 earnings per share will meet or somewhat exceed the low end
of our prior guidance. Looking ahead to 2013, we will continue to focus
on profitably growing Target’s market share by combining unique
merchandise, convenience, value and an unbeatable guest experience
across our stores, online and mobile channels.”
As a reminder, in Target’s third quarter 2012 earnings release the
company indicated that it expected fourth quarter 2012 adjusted EPS of
$1.64 to $1.74 and GAAP EPS of $1.45 to $1.55. The 19-cent difference
between these ranges reflected the expected EPS impact of expenses
related to the company’s Canadian market entry.
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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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December
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$10,214
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0.8
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0.0
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1.6
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Quarter-to-date
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$16,397
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0.4
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(0.4)
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1.7
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Year-to-date
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$65,987
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3.3
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2.7
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2.9
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Miscellaneous
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, February
7, 2013, which, as previously announced, will be our last monthly sales
release. 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.”
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 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 28, 2012 and Form
10-Q for the fiscal quarter ended July 28, 2012.
About Target
Minneapolis-based Target Corporation (NYSE:TGT)
serves guests at 1,782 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.
Source: Target Corporation
Target Corporation
John Hulbert, 612-761-6627
Investors
or
Stacey
Wempen, 612-761-6785
Financial Media
or
Target Media
Hotline, 612-696-3400
