Target Same-Store Sales Top Estimates - - Tulsa, OK - News, Weather, Video and Sports - |

Target Same-Store Sales Top Estimates

MINNEAPOLIS (AP) _ Target Corp., the second largest discount chain in the U.S. behind Wal-Mart, on Thursday said sales at stores open at least one year rose a better than expected 5.7 percent in October, and reaffirmed its earnings outlook for the second half of the fiscal year.

The company has previously forecast same-store sales would rise 3 percent to 5 percent. Analysts were expecting, on average, an increase of 4.7 percent.

Target said total sales rose 11.6 percent in October to $3.69 billion.

The company also confirmed that it will receive at least $27 million as its ultimate share of proceeds from a $3 billion antitrust litigation settlement with Visa/Mastercard. Target said these proceeds will boost third-quarter earnings by 2 cents per share.

Target said same-stores sales rose 4.5 percent for the recently completed third quarter, while total sales increased 11.7 percent to $11.86 billion. Target the strong sales growth and profit margin expansion seen in the third quarter ``combined with our more modest outlook for earnings growth in the fourth quarter'' makes it confidence it can achieve earnings of $1.50 per share for the second half of the fiscal year ending in January.

The company earned $1.17 per share for the first six months of fiscal 2006. Analysts are expecting the company to earn $2.68 for the year, meaning the company would have to post second-half profit of $1.51 to match Wall Street's target.
Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103 is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2018 KOTV. Oklahoma Traveler™ is a registered trademark of Griffin Communications. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.