Target chief says comps met expectations

MINNEAPOLIS Target today reported that its net retail sales for the five weeks ended July 7 increased 7.6% to $5.5 billion from $5 billion for the five-week period ended July 1, 2006. On this same-basis, comparable-store sales increased 3.3%.

"Consistent with our June mid-month sales update, our comparable-store sales were near the lower end of our planned range of 3% to 5%," said Bob Ulrich, chairman and ceo of Target.                                      

For the year-to-date period, Target reported net sales of $23.4 billion, an increase of 8.9%. For this same period, comparable-store sales rose 4.3%, compared with a 5.2% increase last year.