Target August sales down 2.1%
Despite customers lining up for back-to-school buys, Target Corp. said its same-store sales fell 2.1 percent in August.
Minneapolis-based retailer Target (NYSE: TGT), which has four Wichita locations, said its results were within its planned range; analysts had expected a drop of 2.6 percent.
In a recorded call, the company said that a decline in the number of same-store transactions was offset by an increase in average transaction size, adding that items such as health care and food were its biggest sellers.
It saw weak sales in apparel, accessories and home products, but added that sales of back-to-school items ramped up late in the month fast cash now.
The Northeast was its strongest performing geographic region, while the West and the South were the weakest.
Target expects September same-store sales to be within the range of down 1 percent to up 1 percent, but added that current and expected tropical storms may negatively impact results.
Filed under: finance by Fred