Target reports drop in May sales

MINNEAPOLIS Target reported that its net retail sales for the four weeks ended May 30 were approximately $4.46 million, a decrease of 2.3% from $4.56 million during the year-ago period.

On this same basis, May comparable-store sales decreased 6.1%.

“Sales for the month of May were somewhat below our expectations,” said Gregg Steinhafel, chairman, president and CEO of Target.

Target’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 1,698 Target stores in 49 states.