Thursday, discount retailer Target Corp. (TGT) reported a 0.7% decline in net retail sales for the month of October, as comparable store sales were down 4.8%.
Net retail sales for October decreased to $4.41 billion, compared to $4.44 billion in the comparable month last year.
Quarter-to-date, net retail sales grew 1.7% to $14.6 billion, while comps declined 3.3%. Year-to-date, net retail sales increased 4.1% to $43.9 billion, but comparable store sales declined 1.5%.
Looking forward, chief executive officer, Gregg Steinhafel, said that Target expects the recent challenging sales environment to continue into the holiday season and beyond, as the current economic factors are affecting consumer spending.
The stock closed Wednesday, at $37.75 on the NYSE.
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