» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 126 | NO. 235 | Friday, December 02, 2011

Target November Sales Miss Expectations

MAE ANDERSON | AP Retail Writer

Print | Front Page | Email this story | Comments ()

MINNEAPOLIS (AP)Target Inc. said Thursday that a key revenue figure rose 1.8 percent in November, falling short of Wall Street estimates, as the busy shopping weekend after Thanksgiving failed to lift revenue.

A strong November is important for retailers, who make up to 40 percent of annual revenue during the holiday shopping season over the last two months of the year.

The discounter's results could indicate consumers are still cautiously spending during the holidays. But other major retailers had stronger results. Macy's Inc., Costco Wholesale Corp. and Limited Brands Inc. reported sales gains Thursday that beat Wall Street estimates.

Target said sales were strongest on the day after Thanksgiving, known as "Black Friday" when the chain rolled out "doorbuster" discounts and opened at midnight. But solid sales during that day weren't enough to boost overall results for the month.

CEO Gregg Steinhafel said results were near the low end of the Minneapolis company's expectations. It is predicting a stronger December, with revenue in stores open at least one year rising in the low- to mid-single digits.

Analysts polled by FactSet expected a 2.8 percent gain in November revenue in stores open at least one year, which is a key gauge of a retailer's financial health because it excludes stores that open or close during the year.

Total sales for the four weeks ended Nov. 26 rose 3 percent to $6.19 billion. Food and beauty products continued to be strong sellers. But toy and movies declined.

Year-to-date, revenue in stores open at least one year rose 3.2 percent and total sales rose 4 percent to $53.72 billion.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 38 349 15,066
MORTGAGES 111 449 19,779
FORECLOSURE NOTICES 33 91 3,886
BUILDING PERMITS 0 512 35,842
BANKRUPTCIES 62 309 14,343
BUSINESS LICENSES 18 138 5,129
UTILITY CONNECTIONS 69 385 21,817
MARRIAGE LICENSES 13 106 4,663

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.