MINNEAPOLIS — Target Corporation (NYSE:TGT) today reported that its net retail sales for the four weeks ended January 30, 2010 were $4,289 million, an increase of 3.6 percent from $4,138 million for the four weeks ended January 31, 2009. On this same basis, January comparable-store sales increased 0.5 percent.
Our January comparable-store sales were in line with our expectations, as lower clearance sales held back our year-over-year growth, said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. We experienced strong guest traffic in January, and comparable-store sales in both our apparel and home categories were positive for the month. We believe these trends, combined with very clean inventories, position Target to continue to gain market share profitably in the challenging environment we expect in 2010.
Targets 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, March 4, 2010. These recordings may be accessed by calling 612-761-6500.
The statement on 2010 expectations 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 Item 1A of the company’s Form 10-K for the fiscal year ended January 31, 2009.
Source: Target Corp.