Target (TGT) Reports In-Line Q3 EPS of $0.49; Suspends Buyback; Comps Fell 3.3%

Target Corporation (NYSE: TGT) reports Q3 EPS of $0.49, in-line with the analyst estimate of $0.49. Revenue for the quarter was $ billion, versus the consensus of $15.24 billion.

Same store sales fell 3.3% during the quarter.

Doug Scovanner, Executive VP and CFO, said, "On an ongoing basis we evaluate our deployment of capital resources, both for investment in our business and execution of our share repurchase program. The current environment and our financial outlook have naturally reduced our appetite for investment in our business, and we have also temporarily suspended substantially all of our share repurchase activity. At this time, we have reduced our expected 2009 capital expenditures by about $1 billion. Overall, we believe these related decisions will help to protect our liquidity and strong debt ratings as we continue to operate in a very challenging retail and credit environment."

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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