Target Corporation Announces Sales Results for the Combined Period November/December 2016; Revises Earnings Guidance for the Fourth Quarter and Full Year of 2016
The company now expects fourth quarter comparable sales in the range of negative 1.5% to 1.0%, compared with prior guidance of negative 1.0% to positive 1.0%. In fourth quarter 2016, the company expects both GAAP EPS from continuing operations and adjusted EPS of $1.45 to $1.55, compared with prior guidance of $1.55 to $1.75.
For full-year 2016, the company now expects GAAP EPS from continuing operations of $4.57 to $4.67, compared with prior guidance of $4.67 to $4.87. The company expects full-year 2016 adjusted EPS of $5.00 to $5.10, compared with prior guidance of $5.10 to $5.30. The 43 cent difference between these ranges reflects $0.44 of early debt-retirement losses and a $0.01 benefit from the resolution of income tax matters.