Target reports blowout November
MINNEAPOLIS — Same-store sales surged 5.5% at Target during November, exceeding the company’s guidance and analysts’ expectations for a low-single digit gain. The company said the number of people shopping its stores as measured by transactions increased nearly 4% and average transaction sizes also were up slightly with broad-based growth throughout the store.
The company is looking for December comps to increase in the low- to mid-single digit range.
“Guests are responding to our compelling holiday merchandising and marketing programs, and they love our new 5% REDcard Rewards program,” said Gregg Steinhafel, Target chairman, president and CEO. “We’re well prepared for the biggest month of the year, and believe we’re on track to achieve fourth-quarter sales and profitability consistent with our guidance on Nov. 17.”
An expanded assortment of food and consumables in an increasing number of stores as part of a remodeling program known as PFresh has been a boon to customer traffic, and those categories now are among the fastest growing at Target. The company said its November comparable-store sales performance was strongest in grocery, which experienced a mid-teen increase, and health care and beauty increased in the mid- to upper-single digits.