Target (TGT) Reports 6.3% Drop in March Comps

Target Corporation (NYSE: TGT) today reported that its net retail sales for the month of March came in at $5.543 billion, down 2.3% from the same period last year. Same store sales for the month fell 6.3%.

“March sales were modestly better than our planned range, and reflected the adverse impact of the move of pre-Easter holiday shopping days from March last year into April this year.” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “Our guests continue to be cautious, but we have begun to see encouraging signs in the operating results of both of our business segments. In light of the Easter shift and recent trends, we expect our April reported comparable-store sales results to be essentially flat to last year.”

You May Also Be Interested In

• Target (TGT) PT Raised to $135 at Bernstein SocGen Group
• Buy this consumer stock on weakness: Jefferies
• Mizuho sees Chevron Q2 topping estimates on refining strength