Target Corporation reported that its net retail sales for the four weeks ended Oct. 27 were $4.98 million, an increase of 3.0 percent from $4.84 million for the four weeks ended Oct. 29, 2011. On this same basis, October comparable store sales increased 2.4 percent.

“While Target’s October comparable-store sales were near the low end of our expected range, our third quarter comparable-store sales increase of 2.9 percent was in line with our guidance,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “As we enter the fourth quarter we feel very good about our holiday season merchandising and marketing plans and our ability to deliver outstanding value for our guests while generating strong financial performance for our shareholders. With programs like 5 percent REDcard Rewards and Holiday Price Match our guests can shop at Target with confidence – knowing they’re getting the best prices on a unique assortment of holiday wants and needs.”

In its second quarter 2012 earnings press release, Target indicated that in third quarter 2012 it expected adjusted EPS of 83 cents to 93 cents and GAAP EPS of 69 cents to 79 cents. The 14 cent difference between these ranges reflected the expected EPS impact of expenses related to the company’s Canadian market launch. Beyond the impact of its Canadian market launch, Target now expects two factors to benefit its third quarter 2012 GAAP EPS (both will be excluded from Target’s adjusted EPS calculation):

  • The favorable resolution of income tax matters, which the company estimates will increase GAAP EPS by approximately 4 cents.
  • A gain from Target’s recently announced agreement to sell its credit card receivables portfolio to TD Bank Group, which the company expects to increase GAAP EPS by approximately 15 cents.

Sales Total Sales
Comparable Stores % Change
% Change
This Year
Last Year
October $4,982 3.0 2.4   3.3
Quarter-to-date $16,601 3.4 2.9 4.3
Year-to-date $49,589 4.3 3.7 3.4

Minneapolis-based Target Corporation (TGT) serves guests at 1,781 stores across the United States and at The company plans to open its first stores in Canada in 2013.