Target Corporation reported that its net retail sales for the five weeks ended June 30, 2012 were $6.4 billion, an increase of 2.6 percent from $6.26 billion for the five weeks ended July 2. On this same basis, June comparable-store sales increased 2.1 percent.
“Following better-than-expected performance in May, our June comparable-store sales were near the low end of our expected range,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “We believe these results, combined with our outlook for July, keep us on-track to deliver second quarter sales and adjusted EPS in line with the guidance we provided at the time of our first quarter earnings release.”
Due to the potential favorable resolution of state income tax matters, the difference between Target’s second quarter 2012 adjusted EPS and GAAP EPS may be somewhat narrower than the 10 cents specified in the company’s first quarter earnings release.
As a reminder, in its first quarter 2012 earnings release Target indicated that in second quarter 2012 it expected adjusted EPS of $1.04 to $1.14 and GAAP EPS of $0.94 to $1.04. In the company’s first quarter 2012 earnings conference call, Target indicated it expected second-quarter 2012 comparable-store sales of around 3 percent in its U.S. retail segment. The difference between GAAP and adjusted EPS represents the EPS impact of expenses related to the company’s Canadian market entry along with the EPS impact of the potential favorable resolution of state income tax matters.
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Sales |
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Total Sales |
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Comparable Stores % Change
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(millions)
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% Change
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This Year
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Last Year
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June |
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$6,419 |
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2.6 |
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2.1 |
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4.5 |
Quarter-to-date |
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$11,457 |
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3.6 |
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3.1 |
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3.8 |
Year-to-date |
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$27,994 |
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5.1 |
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4.4 |
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2.7 |
