MINNEAPOLIS--(BUSINESS WIRE)--Target Corporation (NYSE:TGT) today reported that its net retail sales for the four weeks ended January 29, 2011 were $4,383 million, an increase of 2.2 percent from $4,289 million for the four weeks ended January 30, 2010. On this same basis, January comparable-store sales increased 1.7 percent.
“Target’s January comparable-store sales were below expectations, particularly in portions of the South and the Northeast,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “Our PFresh remodel program continues to drive incremental traffic and sales, and our new REDcard Rewards 5% savings program continues to perform as expected. While we expect the economic environment to remain challenging, we expect these two initiatives to drive even more meaningful increases in Target’s fiscal 2011 comparable-store sales.”
| Sales | Total Sales |
Comparable Stores % Change |
||||||
|
(millions) |
% Change |
This Year |
|
Last Year |
||||
| January | 4,383 | 2.2 | 1.7 | 0.5 | ||||
| Quarter-to-date | 20,277 | 2.8 | 2.4 | 0.6 | ||||
| Year-to-date | 65,786 | 3.7 | 2.1 | (2.5) | ||||
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, March 3, 2011. These recordings may be accessed by calling 612-761-6500.
The statement on expected sales performance is a forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements speak only as of the date they are made and are subject to risks and uncertainties which could cause the company's actual results to differ materially. The most important risks and uncertainties are described in the Risk Factors sections of the company's Form 10-K for the fiscal year ended January 30, 2010 and the Form 10-Q for the fiscal quarter ended July 31, 2010.
About Target
Minneapolis-based Target Corporation (NYSE:TGT)
serves guests at 1,750 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.