Target Corporation (NYSE:TGT) today reported that its net retail sales1 for the five weeks ended February 2, 2013 were $5,973 million, an increase of 29.6 percent from $4,608 million for the four weeks ended January 28, 2012. January comparable-store sales2, which compare the four weeks ending January 26, 2013 against the four weeks ending January 28, 2012, increased 3.1 percent.
“January comparable-store sales were in line with our expectations as guests responded to clearance prices on holiday inventory," said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. "Our guests continue to shop with discipline in the face of a slow economic recovery and new pressures, including recent payroll tax increases. As a result, we remain focused on providing unbeatable value combined with a superior guest experience in both our stores and digital channels.”
Comparable Stores % Change
For the 2012 fiscal year, Target’s sales disclosure practice included a sales recording on the day of its monthly sales release. Consistent with this practice, a new message was recorded earlier today. This recording may be accessed by calling 866-526-7639. Text versions of our recordings are available on our Investor Relations website, www.target.com/investors, by clicking on “Monthly Sales Summaries.” As previously announced, this will be our last monthly sales release.
Minneapolis-based Target Corporation (NYSE:TGT) serves guests at 1,778 stores across the United States and at Target.com. The company plans to open its first stores in Canada in 2013. Since 1946, Target has given 5 percent of its profit through community grants and programs; today, that giving equals more than $4 million a week. For more information about Target’s commitment to corporate responsibility, visit Target.com/hereforgood.
For more information, visit Target.com/Pressroom.
1Because we are reporting an extra accounting week in fiscal 2012, January, Quarter-to-date and Year-to-date 2012 sales reflect 5-, 14- and 53-week periods, respectively, compared with 4-, 13- and 52-week periods in 2011.
2Consistent with our practice of measuring comparable-store sales over periods of equal length, the extra accounting week in fiscal 2012 has been excluded from the comparable-store sales calculation.
John Hulbert, Investors, 612-761-6627
Stacey Wempen, Financial Media, 612-761-6785
Target Media Hotline, 612-696-3400
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