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Do IT this week: Layering
By Lauren Coleman-Lochner
Bloomberg News
Published on Wednesday, Nov 18, 2009
Shares of Target Corp., the second-largest U.S. retail discount chain, fell after the company said it's planning for a ''modest'' decrease in fourth-quarter comparable-store sales.
''We haven't seen that rebound or that lift yet,'' Chairman and Chief Executive Officer Gregg Steinhafel said. The company said average transaction sizes were smaller at the start of November, while shopper visits increased.
Steinhafel said on a conference call Tuesday that the holiday season would be highly promotional, as in previous years, and November results provide more justification for being cautious.
''Many things would have to fall into place'' for Target to meet or exceed First Call's median analyst estimate for earnings of $1.12 a share in the fourth quarter, Chief Financial Officer Doug Scovanner said. Analysts are somewhat more optimistic than warranted across most of the industry, he said.
Target shares fell $1.52, or 3 percent, to $48.77 after earlier dropping to $47.48 for the steepest intraday decline since April 20. The stock has climbed 41 percent this year.
The Standard & Poor's 500 Retailing Index declined 1.4 percent.
Net income at Target advanced 18 percent to $436 million, or 58 cents a share, in the third quarter, from $369 million, or 49 cents, a year earlier, the company said. Analysts anticipated earnings of 50 cents a share, based on the average of 19 estimates compiled by Bloomberg News.
''Yes, they beat their numbers, but they still have the fact that it's not a snap-back environment,'' said David Abella, a portfolio manager at Rochdale Investment Management LLC in New York with $2.5 billion in assets including Target shares.
Total revenue rose 1.1 percent to $15.3 billion in the third quarter. Sales at stores open at least a year declined 1.6 percent, in line with figures Target provided on Nov. 5.
Target has been fighting with its larger competitor as recession-battered customers switch to cheaper stores. Meanwhile, as the holidays near, the two are locked in an online battle for the deepest discounts on popular items, including books and DVDs.
Wal-Mart Stores Inc., the world's largest retailer, reported last week that inventory reductions helped boost third-quarter profit 3.2 percent.
Shares of Target Corp., the second-largest U.S. retail discount chain, fell after the company said it's planning for a ''modest'' decrease in fourth-quarter comparable-store sales.
Get the full article here.
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akron, oh
Posted 09:28 AM, 11/18/2009
Target has been fighting with its larger competitor as recession-battered customers switch to cheaper store.
Try better customer service!!!!
