Target Says November Comps Disappoint at 3.0 Percent

Target Corporation reported that its net retail sales for the four weeks ended Nov. 26 were $6.19 billion, an increase of 3.0 percent from $6.01 million for the four weeks ended Nov. 27, 2010. On this same basis, November comparable-store sales increased 1.8 percent.

“November sales were near the low end of our expectations for the month as we compared against very strong performance last year,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “As we kicked off the holiday season following Thanksgiving, sales were strongest on Black Friday as guests responded to our midnight opening and compelling prices. Our view of December remains the same – we expect a competitive and promotional environment as consumers continue to focus on value. At Target, we’ll provide our guests with great deals and low everyday prices on a unique assortment of items for gift-giving and holiday entertaining. In addition, REDcard holders enjoy an additional 5% savings every day in stores and online, along with free shipping on every order from Target.com.”