Target Corp. Misses Its Same-Store Sales Estimate (TGT)

Shares of Target Corp. TGT are big lower in the pre-market following the company’s release of its same-store sales (SSS) data. TGT said that August SSS were positive by 1.8%; this compares with the Street estimate of a 2% rise. Net sales for the four weeks ended August 8 rose 3.4% to $5.02 billion. Target Corporation operates Target general merchandise stores with an assortment of general merchandise and food items. During the fiscal year ended January 30, 2010 (fiscal 2009), the Target stores also included a deeper food assortment, including perishables and an offering of dry, dairy and frozen items.