Target Corporation (NYSE:TGT) November 3, 2011 ET
John Hulbert -
The comments on reported results in this summary relate to Target Corporation's sales for the 4-week period ended October 29, 2011, compared with the 4-week period ended October 30, 2010. These sales results are included in the table of our sales release issued on November 3, 2011.
For the fiscal October period, reported comparable store sales increased 3.3%. This increase was driven by an increase in average transaction size, which offset a slight decline in comparable store transaction. Overall comparable store sales in October 2010 increased 1.7%.
The current month's sales release quotes Gregg Steinhafel, Chairman, President and Chief Executive Officer of Target Corporation, as saying, "We're pleased with Target's third quarter comparable store sales performance. We believe our unique merchandise assortment, exceptional everyday prices and superior shopping experience are more relevant than ever in these challenging economic times. We're confident that our merchandising and marketing plans position Target to drive strong results throughout the holiday season and beyond."
October comparable store sales in Food increased in the low teen. Comparable store sales in Household Essentials were up in the mid-single-digit range, with the strongest performance in Beauty. Comparable store sales in Apparel & Accessories were up in the low-single-digit range, led by a high-single-digit increase in Intimate/Hosiery/Performance, with the softest performance in Jewelry/Accessory.
Comparable store sales in Hardlines decreased in the mid-single-digit range, with the strongest performance in Sporting Goods and Music, Movies & Books, with the softest performance in Electronics. Comparable store sales in Home Furnishings & Décor decreased in the low-single-digit range, with the strongest performance in housewares and the softest performance in Domestics and Decorative Home.
In October, every region experienced a healthy increase in comparable store sales. At month end, our inventory was in very good condition.
For the month of November, our comparable store sales results will compare the 4 weeks ending November 26, 2011, to the 4 weeks ended November 27, 2010. We expect a low to mid-single-digit increase in Target's comparable store sales for this period.
Target's current sales disclosure practice includes a sales recording on the day of our monthly sales release. Our next sales recording is expected to be issued on Thursday, December 1, 2011 and may be accessed by calling (866) 526-7639. Text versions of our recordings are available on our Investor Relations website, www.target.com/investors, by clicking on Financial News and then Monthly Sales Summary.
The statement on expected sales performance is a forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements speak only as of the date they are made and are subject to risks and uncertainties, which could cause the company's actual results to differ materially. The most important risks and uncertainties are described in the Risk Factors section of the company's Form 10-K for the fiscal year ended January 29, 2011.
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