Target May comps disappoint

MINNEAPOLIS Target reported that its net retail sales for the four weeks ended May 29 were $4.62 billion, an increase of 3.7% from $4.46 million for the four weeks ended May 30, 2009. On this same basis, May comparable-store sales increased 1.3%.

“May comparable-store sales were somewhat below our expectation,” said Gregg Steinhafel, chairman, president and chief executive officer of Target. “Our recent experience reinforces our belief that we will continue to experience volatility in the pace of economic recovery. We continue to focus on disciplined execution of our strategy and on delighting our guests by delivering on both sides of our ‘Expect More. Pay Less.’ brand promise.”