Target Sales Rise 2.4% in February on 1.8% Comps Gain

Target Corporation's net retail sales for the four weeks ended Feb. 26, 2011 were $4.75 billion, an increase of 2.4% from $4.64 billion for the four weeks ended Feb. 27, 2010. On this same basis, February comparable-store sales increased 1.8 percent.

“Target’s February comparable-store sales were in line with our expectations, as our REDcard Rewards and PFresh remodel programs continue to drive meaningful incremental sales and traffic in our stores,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “Throughout the organization, we’re focused on disciplined execution of our core strategies to drive strong performance in 2011, while we invest in initiatives that will propel Target’s growth over the longer term.”

As a reminder, the 2011 Easter holiday will be three weeks later than last year, which is expected to cause pre-Easter sales to move from March into April this year. As a result, Target expects a mid to upper single-digit decline in its March comparable-store sales, followed by a mid-teens increase in its April comparable-store sales. These two results would lead to a low single-digit increase in Target’s comparable-store sales for the combined March and April 2011 period.