Target Corp. (NYSE:TGT) just posted its same-store-sales figures for October, and it is considerably better than the situation over at Fall-Mart. Target posted a gain of +4.1% on a comparable basis. Analysts were only expecting about +2.5%, and that is at the higher-end of its recently offered range.
One interesting aspect though is that the retail giant said it experienced soft sales in higher margin categories for the second straight month. Does that lead to earnings or margin pressure? So far Wall Street doesn’t seem to think so, or it doesn’t matter as much.
Target’s total sales were up 9.1% for the four weeks to $4.445 Billion, so now we have sales for the quarter listed as roughly $14.342 Billion.
Shares of Target are now up about 3.7% at $61.00 in pre-market trading reaction. Costco Wholesale shares are currently up 1.3% at $67.00 and Wal-Mart shares are up 1.3% at $44.50 in pre-market trading about 45 minutes before the open.
Jon C. Ogg
November 8, 2007
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