Home / Markets / Industries / Retail

Thursday, November 05, 2009

Target's October Same-Store Sales Slip

By Matt Egan

FOXBusiness

Target (TGT) reported Thursday a 0.1% decline in same-store sales during October, exceeding its internal projections but missing Wall Street’s expectations.

Analysts had expected that Target, which is the most closely-watched retailer to report monthly results now that Wal-Mart (WMT) no longer does, would post flat same-store sales for October.

Target said its net sales in October climbed 2.8% to $4.5 billion from a year ago. Its same-store sales were down 1.6% quarter-to-date and 3.9% year-to-date.

“We are entering the holiday season with very clean inventories and we believe we are positioned to perform well in what continues to be a challenging economic environment,” CEO Gregg Steinhafel said in a statement.

For the current month, Target forecasted essentially flat same-store sales from November 2008.

The discount retailer’s stock was inactive ahead of the bell but has doubled since plummeting to $25 in early March.

Fox Business Video

- The Crisis With 20/20 Hindsight
- Nov 21, 2009
  
  FOXBusiness.com LIVE
- Jerry Rice Talks Career
- Nov 21, 2009
  
  NFL Receiver on career on the gridiron
- John O'Hurley as Venture Capitalist
- Nov 21, 2009
  
  Comedian on life as venture capitalist
- Excess Spending in Congress
- Nov 21, 2009
  
  Saving $100 Million
- Cavuto Business Report 11-20-09
- Nov 21, 2009
  
  Business Report: Cavuto