Target Sept. sales up 2.5%

MINNEAPOLIS Target has reported that its net retail sales for the five weeks ended Oct. 4 increased 2.5% to $5.3 billion from $5.2 billion for the five weeks ended Oct. 6, 2007. On this same basis, September comparable-store sales declined 3%.

“Sales for the month of September were below our expectations, reflecting continued daily volatility,” said Gregg Steinhafel, president and ceo of Target. “Challenges in the current environment, including weak top-line growth in our retail segment and higher net write-off rates in our credit card segment, have increased the likelihood that our third quarter EPS may be slightly below the current First Call median estimate of 52 cents. On balance, we currently expect 2008 full year earnings per share to meet or exceed last year’s full year EPS of $3.33.”