Target Corporation (NYSE:TGT) today reported that its net retail sales for the four weeks ended November 24, 2012 were $6,183 million, a decrease of 0.1 percent from $6,191 million for the four weeks ended November 26, 2011. On this same basis, November comparable-store sales decreased 1.0 percent.
“November sales were below our expectations, reflecting weaker-than-planned sales performance in the first two weeks combined with stronger sales growth across all channels later in the month,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “Profitability for the month remained on plan, reflecting our efforts to balance thoughtful price investments in an intensely competitive environment with our continued focus on driving sales. With the upcoming launch of the Target/Neiman Marcus Holiday Collection, our unique assortment of exclusive, affordable merchandise and the compelling benefits of 5% REDcard Rewards and our Holiday Price Match, we believe Target has the right plans in place to allow our guests to shop with confidence throughout the holiday season.”
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MiscellaneousTarget’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, January 3, 2013. These recordings may be accessed by calling 866-526-7639. Text versions of our recordings are available on our Investor Relations website, www.target.com/investors, by clicking on “Monthly Sales Summaries.” The company has announced that it will no longer report monthly sales beginning with its 2013 fiscal year.
About TargetMinneapolis-based Target Corporation (NYSE:TGT) serves guests at 1,782 stores across the United States and at Target.com. The company plans to open its first stores in Canada in 2013. Since 1946, Target has given 5 percent of its profit through community grants and programs; today, that giving equals more than $4 million a week. For more information about Target’s commitment to corporate responsibility, visit Target.com/hereforgood.For more information, visit Target.com/Pressroom.
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