UPDATE: Target (TGT) June Comps Up 2.1%; Affirms Q2 Outlook

July 5, 2012 8:00 AM EDT
(Updated - July 5, 2012 8:13 AM EDT)

Target (NYSE: TGT) reported June same-store sales rose 2.1 percent, versus a consensus estimate of 2.8 percent. Total sales were up 2.6 percent to $6.419 billion.

“Following better-than-expected performance in May, our June comparable-store sales were near the low end of our expected range," said Gregg Steinhafel, chairman, president and CEO of Target Corporation. "We believe these results, combined with our outlook for July, keep us on-track to deliver second quarter sales and adjusted EPS in line with the guidance we provided at the time of our first quarter earnings release.”

As a reminder, in its first quarter 2012 earnings release Target indicated that in second quarter 2012 it expected adjusted EPS of $1.04 to $1.14 and GAAP EPS of $0.94 to $1.04. In the company’s first quarter 2012 earnings conference call, Target indicated it expected second-quarter 2012 comparable-store sales of around 3 percent in its U.S. retail segment.

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