Target (TGT) Sept Comps Down 1.7%, Sees Q3 EPS Above Wall Street View

Target (NYSE: TGT) said September comparable-store sales decreased 1.7%. Net retail sales were $5.392 billion, up 1.3% from last year.

CEO Gregg Steinhafel said, "Sales for the month of September exceeded our expectations as the trend in our comparable transactions continued to improve.... As a result of stronger-than-expected retail segment EBIT margin combined with this improved sales trend, we expect our third quarter EPS performance to exceed the current median FirstCall estimate of 43 cents."

Steinhafel also said, "While our outlook for the third quarter has improved, we remain cautious in our expectations for fourth quarter results in both of our business segments."

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