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Target's October sales trail expectations

Target Corp. says its same-store sales grew 2.4 percent in October, Forbes reports. Analysts were projecting same-store sales growth of 3.3 percent last month. The Minneapolis-based discount giant's total sales climbed 3 percent to $4.98 billion in October.
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Target Corp. says its same-store sales grew 2.4 percent in October, Forbes reports. Analysts were projecting same-store sales growth of 3.3 percent last month. The Minneapolis-based discount giant's total sales climbed 3 percent to $4.98 billion in October.

"While Target's October comparable-store sales were near the low end of our expected range, our third quarter comparable-store sales increase of 2.9 percent was in line with our guidance," CEO Gregg Steinhafel said in a company news release.

In the fiscal third quarter, which runs from August through October, revenue in stores open at least one year rose 2.9 percent and total revenue rose 3.4 percent to $16.6 billion, the Associated Press reports. Year-to-date, revenue in stores open at least one year rose 3.7 percent and total revenue rose 4.3 percent to $49.59 billion.

Earlier this month, Target announced it plans to match select online competitors prices this holiday season.

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