Target (TGT) Sept. Comps Fell 3%; Says Q3 EPS Could Be Below Consensus of $0.52
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Target Corporation (NYSE: TGT) today reported that its net sales for the month of September rose 2.5% to $5.32 billion. Same store sales for the month fell 3%.
Gregg Steinhafel, Target's President and CEO, said, "Sales for the month of September were below our expectations, reflecting continued daily volatility. Challenges in the current environment, including weak top-line growth in our retail segment and higher net write-off rates in our credit card segment, have increased the likelihood that our third quarter EPS may be slightly below the current First Call median estimate of 52 cents. On balance, we currently expect 2008 full year earnings per share to meet or exceed last year's full year EPS of $3.33."
Target Corporation operates large-format general merchandise and food discount stores under the brand names of 'Target' and 'SuperTarget' in the United States.
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