Target Same-Store Sales Decline in October

Target (TGT 49.12, -0.15) reported same-store sales results for October that met expectations, but unfortunately those expectations called for sales to be flat to slightly down.

Target said October same-store sales declined 0.1%, matching the Briefing.com consensus that called for a decline of 0.1%.

Net retail sales for October were $4.541 billion, an increase of 2.8% from the same period last year.

"We are entering the holiday season with very clean inventories and we believe we are positioned to perform well in what continues to be a challenging economic environment," said CEO Gregg Steinhafel.