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Target Comps Gain But Fall Short Of Estimate

Today, Target Corp. reported that its net retail sales for the four weeks ended October 27 were $4.98 billion, an increase of 3% from the four weeks ended October 29, 2011. October comparable store sales increased 2.4% as compared to the month last year.

The comp increase fell short of a published analyst estimate of 2.9%

“While Target’s October comparable-store sales were near the low end of our expected range, our third quarter comparable-store sales increase of 2.9 percent was in line with our guidance,” said Gregg Steinhafel, Target chairman, president and CEO in commentary on results. “As we enter the fourth quarter we feel very good about our holiday season merchandising and marketing plans and our ability to deliver outstanding value for our guests while generating strong financial performance for our shareholders. With programs like 5% REDcard Rewards and Holiday Price Match, our guests can shop at Target with confidence, knowing they’re getting the best prices on a unique assortment of holiday wants and needs.”