Target Corp Chief Financial Officer John Mulligan said on Wednesday that same-store sales at the No. 3 U.S. retailer so far in February have been flat compared to a year ago.

He also said in a conference call with analysts that he expects same-store sales to be flat to down 2 percent during the full first quarter when compared to a year earlier.

Mulligan said he sees "capacity" for this year's stock buyback at between $1 billion and $2 billion. The company had previously said it had capacity for about $4 billion in stock repurchases.

(Reporting by Jim Finkle and Dhanya Skariachan. Editing by Franklin Paul)