Target Corporation today reported that its net retail sales for the five weeks ended January 4, 2003 increased 7.6 percent to $7.035 billion from $6.540 billion for the five-week period ended January 5, 2002. Comparable-store sales decreased 0.3 percent from fiscal December 2001.
“Sales in December were below plan at each of our divisions,” said Bob Ulrich, chairman and chief executive officer of Target Corporation. “For the fourth quarter, we expect the impact of this sales shortfall on earnings to be at least partially offset by continued strength in our gross margin rate performance and substantial growth in contribution from our credit card operations.”
December
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Target $5,958 10.4 1.0
Mervyn's 584 (8.2) (8.2)
Marshall Field's 413 (5.2) (5.2)
Other 80 13.6 Na
Total $7,035 7.6 (0.3)
Year-to-date
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Target $33,640 12.2 2.4
Mervyn's 3,464 (5.4) (5.3)
Marshall Field's 2,423 (3.8) (3.8)
Other 456 15.6 Na
Total $39,983 9.4 1.2
