Target (TGT) Nov Comps Down 10.4%, Worse Than Expected
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Target Corporation (NYSE: TGT) November comparable-store sales declined 10.4%, versus the company's guidance of a 6%-9% drop.
Net retail sales for the four weeks ended November 29, 2008 decreased 6.1 percent to $5,605 million.
CEO Gregg Steinhafel said, "November comparable store sales were below our planned range of minus 6 to minus 9 percent. Results from post-Thanksgiving holiday sales, particularly Friday, were stronger than the rest of the month, but were insufficient to offset earlier weakness. Our sales results continue to reflect a particularly challenging environment and consumers remain very cautious and event-driven in their purchasing behavior."
Net retail sales for the four weeks ended November 29, 2008 decreased 6.1 percent to $5,605 million.
CEO Gregg Steinhafel said, "November comparable store sales were below our planned range of minus 6 to minus 9 percent. Results from post-Thanksgiving holiday sales, particularly Friday, were stronger than the rest of the month, but were insufficient to offset earlier weakness. Our sales results continue to reflect a particularly challenging environment and consumers remain very cautious and event-driven in their purchasing behavior."
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