Target (TGT) June Comps Down 6.2%; Will Meet or Exceed Q2 EPS of $0.64

Target Corporation (NYSE: TGT) reports total sales for the month of June were $5.69 billion, down 2.6% from the same period last year. Same store sales fell 6.2%.

"Sales for the month of June continued to reflect a very challenging economic environment. Consistent with our first quarter experience, however, we continue to mitigate the impact of a substantial portion of this sales shortfall on our profitability through better than expected gross margin rate and continued expense discipline in our retail segment. Separately, we continue to enjoy the benefit of modestly improving risk trends in our credit card segment. As a result, we expect our second quarter EPS performance to meet or exceed the current median FirstCall estimate of 64 cents," said Gregg Steinhafel, chairman, president and CEO of Target.

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