said this morning that same-store sales for the four weeks ended Jan. 27 increased 2.1% over last year, but fell short of Wall Street's expectations.
Analysts surveyed by
First Call/Thomson Financial
expected the company, which is based in Minneapolis, to report a same-store sales increase of 3% for the month.
Target also posted net retail sales of $2.8 billion for the period ended Feb. 3, which includes an extra fifth week. For the four weeks ended Jan. 27, the retailer had sales of $2.24 billion, up from $2.07 billion in the year-ago period.
For the fourth quarter, Target reported total sales of $12.2 billion. Same-store sales for the quarter rose 1.8%.
Shares of Target fell $1.59, or 4.3%, to $35.10 in recent
New York Stock Exchange