Target Corporation reported that its net retail sales for the four weeks ended Jan. 29, 2011 were $4.4 billion, an increase of 2.2% from $4.3 billion a year ago. On this same basis, January comparable-store sales increased 1.7%.
“Target's January comparable-store sales were below expectations, particularly in portions of the South and the Northeast,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “Our PFresh remodel program continues to drive incremental traffic and sales, and our new REDcard Rewards 5% savings program continues to perform as expected. While we expect the economic environment to remain challenging, we expect these two initiatives to drive even more meaningful increases in Target's fiscal 2011 comparable-store sales.”
| Sales | Total Sales |
Comparable Stores % Change
|
||||||
|
|
|
(millions)
|
|
% Change
|
|
This Year
|
|
Last Year
|
January |
|
4,383 |
|
2.2 |
|
1.7 |
|
0.5 |
|
|
|
|
|
|
|
|
|
|
Quarter-to-date |
|
20,277 |
|
2.8 |
|
2.4 |
|
0.6 |
|
|
|
|
|
|
|
|
|
|
Year-to-date |
|
65,786 |
|
3.7 |
|
2.1 |
|
(2.5) |
