Target reports March sales

MINNEAPOLIS Target reported that its net retail sales for the five weeks ended April 4 decreased from the year-ago period.

The retail giant reported that net earnings were $5, 5434 million, down 2.3%, from $5,676 million for the five weeks ended April 5, 2008. On this same basis, March comparable-store sales declined 6.3%.

“March sales were modestly better than our planned range, and reflected the adverse impact of the move of pre-Easter holiday shopping days from March last year into April this year.” said Gregg Steinhafel, chairman, president and CEO, Target Corporation. “Our guests continue to be cautious, but we have begun to see encouraging signs in the operating results of both of our business segments. In light of the Easter shift and recent trends, we expect our April reported comparable-store sales results to be essentially flat to last year.”

Target Corporation's retail segment includes large general merchandise and food discount stores and Target.com, a fully integrated on-line business. In addition, the company operates a credit card segment that offers branded proprietary and Visa credit card products. The company currently operates 1,699 Target stores in 49 states.