Target Corporation reported that net retail sales for the five weeks ended October 1, 2005 increased 11.4% to $4.306 billion from $3.866 billion for the five-week period ended October 2, 2004. On this same basis, comparable-store sales increased 5.6% from fiscal September 2004.
The sales plan for the month was a comparable-store increase in the range of 4% to 6%.
“Our same-store sales growth in September was in line with our planned range for the month,” said Bob Ulrich, chairman and chief executive officer of Target Corporation. “Importantly, we have continued to enjoy robust gross margin rate performance in the third quarter to-date similar to our strong first half trends. This exceptional third quarter momentum, combined with our outlook for more modest earnings growth in the fourth quarter, reinforces our confidence in our ability to deliver $1.50, or more, in diluted earnings per share in this year's second half.”
Comparable Stores Sales Total Sales % Change Continuing Operations (millions) % Change This Year Last Year September $4,306 11.4 5.6 5.6 Year-to-Date $31,007 12.8 6.3 5.1