Target (TGT) Comps Rose 2.1% in Sept., Est. at 2% Gain

Target Corporation (NYSE: TGT) today reported that its net retail sales for the five weeks ended September 29, 2012 were $6,075 million, an increase of 2.6 percent from $5,923 million for the five weeks ended October 1, 2011. On this same basis, September comparable-store sales increased 2.1 percent.

The consensus was a 2 percent gain.

In its second quarter 2012 earnings release Target indicated that in 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 the GAAP and adjusted EPS ranges represented the expected EPS impact of expenses related to the company’s Canadian market entry.

The company now believes that, due to the favorable resolution of income tax matters, the difference between its third quarter 2012 adjusted EPS and GAAP EPS may be somewhat narrower than the 14 cents specified in its second quarter earnings release.

The company also announced today that beginning with its 2013 fiscal year it will no longer report monthly sales.

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