Target Corp. (TGT) is expected to report Q3 earnings before the market open on Wednesday, November 17 with a conference call scheduled for 10 am ET.
Guidance
Analysts are looking for a profit of 68c on revenue of $15.61B. The consensus range is 64c-70c for EPS, and revenue of $15.48B-$15.82B, according to First Call. Target's September same-store sales were up 1.3%, while October SSS were at the low end of its expectations with a 1.7% gain. Net retail sales for the four weeks ended October 30 were $4.64B, up 2.2% from the year-earlier period. Additionally, the retailer forecast November SSS up in the low single digits. During the quarter, Target announced plans to sell Apple's (AAPL) iPad at its stores, said it would look to open 200 stores in Canada, and said it would discount over 1,000 toys this holiday season.
Analysts and investors will listen for comments on the upcoming holiday season. According to a recent survey by the National Retail Federation, consumers plan to spend more this holiday season, and stores like Target are offering Black Friday deals early. The company is also facing competition from other retailers, including Wal-Mart (WMT), which is cutting toy prices to keep Target from underselling them, and Amazon.com (AMZN). As for quarterly results, Target said in August that the First Call median estimates for Q3 and Q4 EPS of 68c and $1.39 are "responsible single point estimates within a range of possible outcomes."
