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Target January Returns Meet Expectations

For the five weeks ended February 2, Target Corp. reported that its comparable store sales increased 3.1%. Net retail sales increased 29.6% in the month versus the same period in 2012.

Comparable-store sales, in this case, compare the four weeks ending January 26, 2013 against the four weeks ending January 28, 2012.

In a conference call, Target noted that January comps were strongest in the Food and Health & Beauty categories, both of which experienced a mid single-digit increase. Comps in Home increased in the low single digits, the retailer stated, while Apparel and Hardlines experienced a slight comp decline.

In January, Target attested, every region of the United States expereinced a healthy comparable-store sales increase.

“January comparable-store sales were in line with our expectations as guests responded to clearance prices on holiday inventory,” said Gregg Steinhafel, Target chairman, president and CEO. “Our guests continue to shop with discipline in the face of a slow economic recovery and new pressures, including recent payroll tax increases. As a result, we remain focused on providing unbeatable value combined with a superior guest experience in both our stores and digital channels.”