Target sales in line with mid-month update for Dec
11 Jan '08
1 min read
Target Corporation reported that its net retail sales for the five weeks ended January 5, 2008 increased 0.1 percent to $9,262 million from $9,254 million for the five-week period ended December 30, 2006.
On a reported basis, comparable-store sales decreased 5.0 percent. On a calendar-adjusted basis, comparing the five-weeks ended January 5, 2008 to the five-weeks ended January 6, 2007, comparable-store sales increased 0.6 percent.
"Our December sales were in line with the mid-month update provided on December 24," said Bob Ulrich, chairman and chief executive officer. "As a result, we continue to believe that fourth quarter earnings per share will not meet last year's performance."
For reference, earnings per share in the fourth quarter of 2006, a 14-week period, were $1.29 including the benefit of the additional fiscal week.
As a reminder, Target's current sales disclosure practice includes a sales recording on the day of the monthly sales release and one mid-month sales update. Consistent with this practice, a new message was recorded earlier today. The next sales recording is expected to be issued on Monday, January 21, 2008.
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