Target Corporation's net retail sales for the five weeks ended Dec. 31, 2011 were $10.14 billion, an increase of 2.6 percent from $9.88 billion for the five weeks ended Jan. 1, 2011. On this same basis, December comparable-store sales increased 1.6 percent.


“December sales were below our expectations as growth in Grocery and Beauty offset softness in Electronics and Music, Movies & Books,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “Sales and traffic were strongest in the week leading up to Christmas as guests waited to shop for last-minute gifts. In 2012, we’ll continue to pursue initiatives designed to deliver compelling value and a superior shopping experience against the backdrop of continued slow and volatile economic growth.”








































































Sales
 Total Sales
Comparable Stores % Change

(millions)
% Change
This Year
Last Year
December $10,138 2.6 1.6 0.9
Quarter-to-date $16,329 2.7 1.7 2.6
Year-to-date $63,858 4.0 2.9 2.1

 

As a result of softer-than-expected holiday season sales, the company currently expects fourth quarter 2011 diluted EPS of $1.35 to $1.43, compared with prior guidance of $1.43 to $1.53. Both current and prior guidance include expenses related to Target’s investments in its 2013 Canadian market entry. Both current and prior guidance exclude any reduction in income tax expense from the resolution of income tax uncertainties, which the company expects to be approximately $50 million in the quarter, and also exclude the impacts of a potential credit-card receivables sale transaction and/or any potential early extinguishment of non-recourse debt collateralized by credit card receivables.