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Comps take a tumble at Target
A worse than expected 1% decline in November same store sales indicates the holiday season is off to a slow start at Target.
The 1% decline was substantially worse than the low single digit increase the company forecast at the start of the month when it reported a 2.4% increase for October that was toward the low end of guidance. The November weakness suggest traffic trends may be deteriorating at Target as the company said blamed the decline on a decrease in comparable store transactions following that metric’s flat performance in October.
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November same-store hurt by Hurricane Sandy
New York -- Many retailers blamed Hurricane Sandy for weak sales in November, although some companies were buoyed later in the month by a long Thanksgiving weekend.
Eighteen retailers reported that sales in November through last Saturday were up 1.7% compared with the year-ago period, according to the International Council of Shopping Centers. That is below the anticipated forecast for a 4.5% to 5.5% gain.