On Target

Target Corp. (Minneapolis) reported that its net retail sales for the four weeks ended May 3, 2003, increased 11.3 percent. Same -store sales increased 3.9 percent.

Target Stores realized a 14 percent sales increase for the month and a 5.6 percent same-store sales uptick. Mervyn's stores were down 4.3 percent overall and 4.6 percent for comparable stores. Marshall Field's, the company's department store division, suffered lags of 7.6 percent overall and 6.3 percent same-store.

“Sales at Target Stores were on plan for the month of April, while sales at Mervyn's and Marshall Field's were below our expectations in the month,” said chairman and ceo Bob Ulrich.

Sears, Roebuck & Co. (Hoffman Estates, Ill.), on the other hand, announced a same-store revenues decrease of 8.5 percent for the four weeks ended May 3, 2003. Total domestic store revenues were down 8 percent.

Full-line stores sales included double-digit growth in children's apparel. In addition, women's sportswear, outerwear and special sizes performed well. Specialty stores recorded a low double-digit decrease.

“Children's apparel contributed to an improved trend in our softlines business,” said chairman and ceo Alan Lacy. “Hardlines revenues declined, partially due to our Easter store closing and strong seasonal product sales in March.”