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Target November sales down 6.1%

06
Dec '08
Target Corporation reported that its net retail sales for the four weeks ended November 29, 2008 decreased 6.1 percent to $5,605 million from $5,972 million for the four weeks ended December 1, 2007. On this same basis, November comparable-store sales declined 10.4 percent. Sales results were unfavorably impacted by the loss of seven post-Thanksgiving holiday shopping days compared to November 2007.

"November comparable store sales were below our planned range of minus 6 to minus 9 percent. Results from post-Thanksgiving holiday sales, particularly Friday, were stronger than the rest of the month, but were insufficient to offset earlier weakness," said Gregg Steinhafel, president and chief executive officer of Target Corporation. "Our sales results continue to reflect a particularly challenging environment and consumers remain very cautious and event-driven in their purchasing behavior."

Target's current sales disclosure practice includes a sales recording on the day of the monthly sales release. Consistent with this practice, a new message was recorded earlier today. The next sales recording is expected to be issued on Thursday, January 8, 2008. These recordings may be accessed by calling 612-761-6500.

Target Corporation's retail segment includes large general merchandise and food discount stores and Target.com, a fully integrated on-line business. In addition, the company operates a credit card segment that offers branded proprietary and Visa credit card products. The company currently operates 1,684 Target stores in 48 states.

Target Corporation


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