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Target Sees Earnings Beat

September same-store sales rise a better-than-expected 6.7%.


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posted better-than-anticipated September sales and said it now expects to beat Wall Street's third-quarter earnings estimates.

The Minneapolis-based discount-retailing giant said same-store sales rose 6.7% in September, while total sales jumped 13.4% to $4.89 billion from $4.31 billion.

Target had originally forecast a 3% to 5% same-store sales rise for the month, and in mid-September said it projected about a 5% increase.

The company said Thursday that sales were well above expectations, partly because of favorable weather.

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The company, citing the better-than-expected retail performance and strong results at its credit card business, said it expects to top Thomson First Call's average analyst estimate for earnings of 53 cents a share in the third quarter.

Target's sales performance for September is a contrast to its discount rival


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, which reported a disappointing 1.3% same-store sales rise for the month.

Wal-Mart on Thursday backed its third-quarter earnings projections.