Target Corp. reported that its net retail sales for the five weeks ended Sept. 29, were $6.08 billion, an increase of 2.6 percent from $5.92 billion for the five weeks ended Oct. 1, 2011. On this same basis, September comparable-store sales increased 2.1 percent.

“Target's comparable-store sales performance in September was in line with our guidance for the month,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “We're pleased with our sales results through the first two months of the quarter and believe we remain on-track to attain our third-quarter sales and profit goals.”


 
Sales
 
Total Sales
 

Comparable Stores % Change



(millions)


% Change


This Year


 

Last Year


September


$6,075


2.6


2.1


5.3









 

Quarter-to-date


$11,618


3.6


3.1


4.7









 

Year-to-date


$44,607


4.5


3.9


3.4


In its second quarter 2012 earnings release Target indicated that in third quarter 2012 it expected adjusted EPS of $0.83 to $0.93 and GAAP EPS of $0.69 to $0.79. The 14-cent difference between the GAAP and adjusted EPS ranges represented the expected EPS impact of expenses related to the company’s Canadian market entry.

The company now believes that, due to the favorable resolution of income tax matters, the difference between its third quarter 2012 adjusted EPS and GAAP EPS may be somewhat narrower than the 14 cents specified in its second quarter earnings release.

The company also announced today that beginning with its 2013 fiscal year it will no longer report monthly sales.

“This decision is based on discussions with many of our investors and is consistent with the practice of the vast majority of our retail peers,” said John Mulligan, executive vice president and chief financial officer of Target Corporation. “We believe aligning our sales guidance and reporting with disclosure of our quarterly financial results will create a longer-term focus and provide greater understanding of our sales results in the context of our overall financial performance.”