Target Corporation reported its net retail sales for the five weeks ended April 2, 2011 were $5.96 billion, a decrease of 4.5% from $6.23 billion for the five weeks ended April 3, 2010. On this same basis, March comparable-store sales decreased 5.5%.
“March comparable-store sales were in line with our expectations, reflecting the change in Easter timing in 2011,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “Our stores are well-prepared for the upcoming Easter season, and we continue to expect a mid-teens increase in Target's April comparable-store sales.”
Consistent with prior comments, Target continues to expect its first quarter 2011 U.S. Retail Segment EBITDA margin rate will more closely approximate its first quarter results in 2007, 2008 or 2009, which ranged from 9.7% to 10.0%, than its first quarter 2010 rate of 10.7%.
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Sales | Total Sales |
Comparable Stores % Change
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(millions)
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% Change
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This Year
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Last Year
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March |
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5,955 |
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(4.5) |
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(5.5) |
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10.3 |
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Year-to-date |
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10,705 |
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(1.5) |
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(2.4) |
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6.8 |
