Target Reports October Sales Results

Target Corporation

today reported that its net retail sales for the four weeks ended October 30, 2010 were $4,641 million, an increase of 2.2 percent from $4,541 million for the four weeks ended October 31, 2009. On this same basis, October comparable-store sales increased 1.7 percent. “October sales were near the low end of our expectations, primarily due to softness in the first two weeks of the month,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “Guest traffic remains healthy, and sales of non-discretionary items continue to outpace other categories. Sales trends throughout the store improved in the last two weeks of the month. While the environment remains uncertain, we're entering the fourth quarter with exciting holiday marketing and compelling merchandise that will deliver superior value to our guests. We believe that our new 5% REDcard Rewards savings program and recently completed 2010 remodel program will cause guests to choose to shop with us more than ever, driving continued profitable market share gains for Target.”