Target Corp. reported that its net retail sales for the four weeks ended Nov. 28, 2009 were $5,689 million, an increase of 1.5% from $5.6 billion a year ago. On this same basis, November comparable-store sales decreased 1.5%.
“Sales were slightly below our expectations for November, as softer results in the first three weeks of the month were substantially offset by better-than-expected sales during our post-Thanksgiving Two-Day sale,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “Sales were stronger on Black Friday than Saturday, with particular strength in electronics, toys, apparel, domestics, small appliances and beauty. On-line sales during this two-day period were also quite strong. For the month overall, comparable store transactions were positive and inventories remain well-controlled, giving us confidence in our ability to perform well during the holiday season in what continues to be a challenging economic environment.”