Fiscal Month Sales Decrease 16.1% Due to Extra Week in Prior Year
MINNEAPOLIS--(BUSINESS WIRE)--Feb. 7, 2008--Target Corporation
(NYSE:TGT) today reported that its net retail sales for the four weeks
ended February 2, 2008 increased 5.4 percent compared to the four
weeks ended January 27, 2007. On this same equal-week basis, January
comparable store sales decreased 1.1 percent. On a fiscal month basis,
net retail sales for the four weeks ended February 2, 2008 decreased
16.1% to $4,106 million from $4,896 million for the five-week period
ended February 3, 2007.
"Our comparable store sales performance in January was near the
lower end of our planned range," said Bob Ulrich, chairman and chief
executive officer of Target Corporation.
Total Sales % Change
---------------------------
Comparable
Sales Unequal Length Equal Length Stores % Change
-------------------
(millions) Periods Periods This Year Last Year
---------- -------------- ------------ --------- ---------
January $ 4,106 (16.1) (a) 5.4 (1.1) 5.1
Fourth
Quarter $19,340 0.4 (b) 5.9 0.2 4.8
Total Year $61,471 6.2 (c) 8.1 3.0 4.8
(a) Four-week fiscal month ended February 2, 2008, compared with
the five-week fiscal month ended February 3, 2007.
(b) Fourth quarter 2007 consisting of 13 weeks, compared with 14
weeks in fourth quarter 2006.
(c) Total Year 2007 consisting of 52 weeks, compared with 53 weeks
in Total Year 2006.
Target's current sales disclosure practice includes a sales
recording on the day of the monthly sales release. As a reminder, we
no longer provide mid-month updates. Consistent with this practice, a
new message was recorded earlier today. The next sales recording is
expected to be issued on Thursday, March 6, 2008. These recordings may
be accessed by calling 612-761-6500.
Target Corporation's operations include large, general merchandise
and food discount stores and a fully integrated online business
through which it offers a fun and convenient shopping experience with
thousands of highly differentiated and affordably priced items. The
company currently operates 1,591 Target stores in 47 states. Target
Corporation news releases are available at www.target.com.
CONTACT: Target Corporation
John Hulbert, 612-761-6627
or
Susan Kahn, 612-761-6735
SOURCE: Target Corporation
