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Target (TGT) November Comps Miss...Target

November 29, 2012 8:02 AM EST Send to a Friend
Target Corp. (NYSE: TGT) 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.

Est was up 2.1 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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