Target reported net sales of June at $6,256 million, up from $5,918 million, a 5.7% increase. This is for the five week period ending July 2, 2011. Target’s comparable store sales (comps) increased 4.5%. The comp store sales reports were at the high end of the projected range for the month. Additional highlights include:
- The retailer reported that regions that experienced better than average growth include Midwest, Texas, and Florida.
- Comp store sales were particularly strong in grocery, reporting comps in the mid-teens.
- Healthcare, beauty, and household essentials increased in the mid to upper single digits.
- Apparel was strong and in line with the company average. The strongest growth was in intimates and hosiery.
- Comp store sales in hard lines decreased slightly overall. Electronics led hardlines with an increase in line with company averages and the softest results were experienced by music, movies, and books.
- Home decreased in the low single digit range, but tabletop, sheets, and storage/organization enjoyed sales growth above the company average.
Sales are up year to date 3.6% with comp sales being up 2.7%
Currently, Target operates 1,755 stores in 49 states.