Target Corporation (TGT)
May 03, 2012 12:00 am ET
Unknown Executive -
The comments on reported results in this summary relate to Target Corporation sales for the 4-week period ended April 28, 2012, compared with the 4-week period ended April 30, 2011. These sales results are included in the table of our sales release issued on May 3, 2012.
For the fiscal April period, reported comparable store sales increased 1.1%. This increase was driven by growth in average transaction size, offsetting a slight decline in comparable store transactions. Overall, comparable store sales in April 2011 increased 13.1%.
For the first quarter of 2012, comparable store sales increased 5.3%. First quarter 2011 comparable store sales increased 2.0%.
The current month sales release quotes Gregg Steinhafel, Chairman, President and Chief Executive Officer of Target Corporation, as saying: "We're very pleased with Target's strongest quarterly comparable store sales performance in more than 6 years, which, as we've previously indicated, received an early-season boost from the combination of warm weather and an earlier Easter. Target's underlying sales trend remains quite healthy, as guests responded to a unique combination of fashion and great prices, combined with the convenience and value created by our remodel program and 5% REDcard Rewards."
Across Target's merchandise categories, the impact of earlier Easter timing was particularly meaningful for Candy within Food and across multiple categories in Apparel. The impact was also notable in Toys, along with Music, Movies & Books within Hardlines, and in Seasonal categories within our Home assortment.
April comparable store sales were strongest in Food, Health and Beauty and other Household Essentials. Comparable store sales in Apparel declined modestly in April, but remained slightly ahead of company performance for the first quarter.