Target reports June sales

MINNEAPOLIS Target reported that its net retail sales for the five weeks ended July 4 were $5.69 million, a decrease of 2.6% from $5.842 million during the year-ago period.

On this same basis, June comparable-store sales decreased 6.2%.

Gregg Steinhafel, chairman, president and CEO of Target, addressed the sales results, stating that the retail giant expects to have earnings per share meet or exceed 64 cents.

“Sales for the month of June continued to reflect a very challenging economic environment. Consistent with our first quarter experience, however, we continue to mitigate the impact of a substantial portion of this sales shortfall on our profitability through better than expected gross margin rate and continued expense discipline in our retail segment,” said Steinhafel.