MINNEAPOLIS — Target said that although its comparable-store sales were below expectations in the South and Northeast, the company believes overall sales will be driven by two of its recent initiatives.
Target chairman, president and CEO, Gregg Steinhafel, said that while the company "expects the economy to remain challenging, Target's PFresh remodel program and REDcard Rewards 5% savings program continue to operate in line with expectations."
Net retail sales for Target totaled nearly $4.4 billion, a 3.3% rise from the year-ago period. Meanwhile January comparable-store sales increased 1.7%. The retailer added that year-to-date sales totaled about $65.8 billion, up 3.7%.
The earnings release shortly follows the company's announcement to extend its retail operations to Canada, which will be led by Tony Fisher, a former Target VP merchandise operations.