Target CFO Doug Scovanner moderated analysts’ second-quarter and full-year earnings expectations slightly, although it can at times be difficult to tell given the language used to communicate in the Wall Street guidance game.

For example, Scovanner noted that analysts’ consensus estimate for second-quarter earnings per share of $1 seemed potentially achievable, but was above the midpoint of a range of likely outcomes. He also applied similar language to analysts’ full-year earnings per share estimate of $4.23, noting that it too seemed above the midpoint of a reasonable range.

Target is set to report February same-store sales this Thursday and offer the first data point of the new fiscal year in which same-store sales are forecast to increase in the range of 4% to 5%. For February, the company has forecast a low single-digit increase and last week in conjunction with the release of fourth-quarter results confirmed it was on track to meet the low single-digit number.

As for the full year and the projected 4% to 5% gain, Target expects much of the growth to be driven by the PFresh program and REDcard Rewards, but plenty of challenges and uncertainties loom.

Target has done pretty well for itself over the year, which is why comments...

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