Target’s (TGT) CFO Doug Scovanner said on a conference call this morning, reviewing the company’s Q3 report earlier, that some analysts on Wall Street are “somewhat more optimistic across most of our industry than we believe is warranted in light of the harsh realities of the current environment.”
Translation: the average estimate of analysts of $1.12 in EPS for the current quarter “lies within a range of potential outcome,” said Scovanner, “But many things have to fall into place” to meet that estimate. The company said this morning it’s expecting a drop in same-store sales in the quarter, even though Scovanner said on the call it’s possible comp-store sales could actually rise.
This unenthusiastic picture is pushing the shares down $1.98, or 4%, at $48.31.
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