MINNEAPOLIS — What a way to begin the new fiscal year. Target reported a stunning 7% same-store sales increase in February that shattered the company’s guidance for a 4% gain thanks to unseasonably warm weather, which boosted shopper traffic and transaction sizes.
The sales increases was well above the company’s expectation, which prompted chairman, president and CEO Gregg Steinhafel to say, “We’re very pleased with the pace of our sales since the holiday season, though we continue to plan for a first quarter comparable store sales increase of around 4%.”
The company said every region of the county experienced a healthy increase in comparable-store sales and inventories were in good condition.
Comparable-store sales across the company’s various merchandise categories experienced increases. Food comps increased in the low teens. Comparable-store sales in household essentials increased in the mid single-digit range, with the strongest performance in healthcare and beauty. Comparable-store sales growth in apparel and accessories was slightly ahead of overall company performance, led by double-digit growth in women’s apparel, performance activewear and men’s apparel.