UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 5, 2012
Target Corporation
(Exact name of registrant as specified in its charter)
Minnesota |
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1-6049 |
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41-0215170 |
(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
1000 Nicollet Mall, Minneapolis, Minnesota 55403
(Address of principal executive offices, including zip code)
(612) 304-6073
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
On January 5, 2012, Target Corporation issued a News Release containing its December sales results. The News Release is attached hereto as Exhibit 99.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
(99) Target Corporations News Release dated January 5, 2012 containing its December sales results.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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TARGET CORPORATION |
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Date: January 5, 2012 |
/s/ Douglas A. Scovanner |
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Douglas A. Scovanner |
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Executive Vice President and Chief Financial Officer |
Exhibit 99
FOR IMMEDIATE RELEASE
Contacts: |
John Hulbert, Investors, (612) 761-6627 |
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Jill Hornbacher, Financial Media, (612) 761-2072 |
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Target Media Hotline, (612) 696-3400 |
Target Reports December Sales Results
MINNEAPOLIS (January 5, 2012) Target Corporation (NYSE:TGT) today reported that its net retail sales for the five weeks ended December 31, 2011 were $10,138 million, an increase of 2.6 percent from $9,882 million for the five weeks ended January 1, 2011. On this same basis, December comparable-store sales increased 1.6 percent.
December sales were below our expectations as growth in Grocery and Beauty offset softness in Electronics and Music, Movies & Books, said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. Sales and traffic were strongest in the week leading up to Christmas as guests waited to shop for last-minute gifts. In 2012, well continue to pursue initiatives designed to deliver compelling value and a superior shopping experience against the backdrop of continued slow and volatile economic growth.
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Sales |
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Total Sales |
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Comparable Stores % Change |
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(millions) |
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% Change |
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This Year |
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Last Year |
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December |
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$10,138 |
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2.6 |
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1.6 |
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0.9 |
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Quarter-to-date |
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$16,329 |
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2.7 |
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1.7 |
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2.6 |
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Year-to-date |
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$63,858 |
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4.0 |
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2.9 |
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2.1 |
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more
Target Corporation Reports December Sales Results Page 2 of 3
Updated Fourth Quarter 2011 Earnings Guidance
As a result of softer-than-expected holiday season sales, the company currently expects fourth quarter 2011 diluted EPS of $1.35 to $1.43, compared with prior guidance of $1.43 to $1.53. Both current and prior guidance include expenses related to Targets investments in its 2013 Canadian market entry. Both current and prior guidance exclude any reduction in income tax expense from the resolution of income tax uncertainties, which the company expects to be approximately $50 million in the quarter, and also exclude the impacts of a potential credit-card receivables sale transaction and/or any potential early extinguishment of non-recourse debt collateralized by credit card receivables.
Miscellaneous
Targets current sales disclosure practice includes a sales recording on the day of the monthly sales release. Consistent with this practice, a new message was recorded earlier today. The next sales recording is expected to be issued on Thursday, February 2, 2012. These recordings may be accessed by calling 866-526-7639. Text versions of our recordings are available on our Investor Relations website, www.target.com/investors, by clicking on Financial News and then Monthly Sales Summaries.
The statement on expected EPS performance is a forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements speak only as of the date they are made and are subject to risks and uncertainties which could cause the companys actual results to differ materially. The most important risks and uncertainties are described in the Risk Factors section of the companys Form 10-K for the fiscal year ended January 29, 2011.
Target Corporation Reports December Sales Results Page 3 of 3
About Target
Minneapolis-based Target Corporation (NYSE:TGT) serves guests at 1,767 stores across the United States and at Target.com. The company plans to open its first stores in Canada in 2013. In addition, the company operates a credit card segment that offers branded proprietary credit card products. Since 1946, Target has given 5 percent of its income through community grants and programs; today, that giving equals more than $3 million a week. For more information about Targets commitment to corporate responsibility, visit Target.com/hereforgood.
For more information, visit Target.com/Pressroom.
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