Target July Sales Down 3%6 Aug, 2009 By: Chris Tribbey
Target Aug. 6 reported net retail sales for the four weeks ended Aug. 1 were down 3.2%, to $4.4 billion compared to $4.5 billion during the same period in 2008.
“July comparable-store sales performance was in line with our expectation for the month,” said Gregg Steinhafel, chairman, president and CEO of Target. “While our sales remain challenging, we continue to experience favorable gross margin performance within categories and disciplined expense control in our retail segment, as well as modestly improving risk trends in our credit card segment.”
For the year, Target retail sales are down 1.2%.