Target (TGT) Dec. Comps Flat, Versus Expected 1.3% Rise

January 3, 2013 8:01 AM EST Send to a Friend
Target Corp. (NYSE: TGT) said December comparable-store sales were essentially flat, versus the consensus of up 1.3%

“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 reflecte


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