Target Reports October Sales Results
MINNEAPOLIS, Nov 04, 2010 (BUSINESS WIRE) -- Target Corporation (NYSE:TGT) today reported that its net retail sales for the four weeks ended October 30, 2010 were $4,641 million, an increase of 2.2 percent from $4,541 million for the four weeks ended October 31, 2009. On this same basis, October comparable-store sales increased 1.7 percent.
"October sales were near the low end of our expectations, primarily due to softness in the first two weeks of the month," said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. "Guest traffic remains healthy, and sales of non-discretionary items continue to outpace other categories. Sales trends throughout the store improved in the last two weeks of the month. While the environment remains uncertain, we're entering the fourth quarter with exciting holiday marketing and compelling merchandise that will deliver superior value to our guests. We believe that our new 5% REDcard Rewards savings program and recently completed 2010 remodel program will cause guests to choose to shop with us more than ever, driving continued profitable market share gains for Target."
|
Sales |
Total Sales |
Comparable Stores % Change | ||||||
|
(millions) |
% Change |
This Year Last Year | ||||||
| October |
$4,641 |
2.2 | 1.7 | (0.1) | ||||
| Third Quarter |
$15,226 |
3.0 | 1.6 | (1.6) | ||||
| Year-to-date |
$45,509 |
4.1 | 2.0 | (3.9) | ||||
Target's current sales disclosure practice includes a sales recording on the day of the monthly sales release. Consistent with this practice, a new message was recorded earlier today. The next sales recording is expected to be issued on Thursday, December 2, 2010. These recordings may be accessed by calling 612-761-6500.
About Target
Minneapolis-based Target Corporation (NYSE:TGT) serves guests at 1,752 stores in 49 states nationwide and at Target.com. In addition, the company operates a credit card segment that offers branded proprietary credit card products. Since 1946, Target has given 5 percent of its income through community grants and programs; today, that giving equals more than $3 million a week. For more information about Target's commitment to corporate responsibility, visit Target.com/hereforgood.
For more information, visit Target.com/Pressroom.
SOURCE: Target Corporation
Target Corporation
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