Minneapolis-based Target Corporation reported that its net retail sales from continuing operations (principally Target Stores) for the four weeks ended October 29, 2005 increased 11.6 percent to $3.694 billion from $3.311 billion for the four-week period ended October 30, 2004. On this same basis, comparable-store sales increased 5.7 percent from fiscal October 2004. The sales plan for the month was a comparable-store increase in the range of 3 to 5 percent.
'They are pleased with their same-store sales in October, which were slightly above their planned range,' said Bob Ulrich, Chairman and Chief Executive Officer of Target Corporation.
Separately, the Company also confirmed that it will receive at least $27 million as its ultimate share of proceeds from the $3 billion Visa/MasterCard antitrust litigation settlement. The Company had previously disclosed that it expected greater clarity on this issue during the second half of 2005. No related gain and receivable had been recorded in any prior period.
'This non-recurring litigation benefit of approximately 2 cents per share heightens the effects of Target's strong sales momentum and robust gross margin rate expansion on third quarter earnings growth,' Ulrich continued. 'When combined with their more modest outlook for earnings growth in the fourth quarter, this exceptional third quarter performance reinforces their confidence in their ability to deliver $1.50, or more, in diluted EPS in this year's second half.'
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