Target Nov. sales fall short of guidance

MINNEAPOLIS Target today reported that its net retail sales for November increased 16.7% to $6 billion from $5.1 billion for the same period last year.

The company reported comparable-store sales increased 10.8%.

“Our sales results largely met expectations through our two-day post-Thanksgiving event, but softness in the final week of November caused the month overall to fall short of our planned range,” said Bob Ulrich, chairman and ceo.

According to Ulrich, the weakness in the final week of November was found in toys and holiday trim, as well as non-seasonal categories such as home and apparel. Ulrich added, that sales trends would need to improve in December in order for Target to achieve earnings growth in the fourth quarter.