Well, maybe this is the telling result of Target's 'nifoms' (not in front of my store) policy concerning the Salvation Army. Note that 'promotional sales' means they had to discount the heck out of their stuff to get anyone in to buy it. My heart bleeds peanut butter sandwiches for their stockholders...
UPDATE 2-Target sees profit below average estimate
Thu Jan 6, 2005 09:49 AM ET (Adds January sales forecast, December sales details, share activity)
CHICAGO, Jan 6 (Reuters) - Discount retailer Target Corp. (TGT.N: Quote, Profile, Research) on Thursday said it expects fourth-quarter profit to fall short of the average Wall Street estimate after increased promotional sales in December, sending its stock down more than 3 percent.
The company said sales at stores open at least a year rose 5.1 percent in December, just above its forecast for a rise of 3 to 5 percent, but sales were more promotional than a year earlier.
Analysts' average earnings forecast for the fourth quarter is 94 cents a share, according to Reuters Estimates.
Target said it expects earnings from continuing operations in the quarter to be up by double digits on a percentage basis from the year-earlier 80 cents a share.
Sales from continuing operations in the five weeks ended Jan. 1 rose 11.3 percent to $7.55 billion.
Best selling categories included jewelry and entertainment, while home improvement, electronics and auto were among the worst categories, the company said in a recorded telephone message.
Target forecast a 5 to 7 percent increase in January same-store sales.
Target shares fell $1.67 to $49.61 on Thursday morning on the New York Stock Exchange.
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