Target November sales fall

December 4, 2008 6:42:51 AM PST
The company blames a slow start and fewer days after Thanksgiving. Target Corp. says cautious shopping early in November and fewer after-Thanksgiving shopping days caused same-store sales for the month to fall 10.4 percent. That was more than the discount retailer and analysts expected.

Analysts surveyed by Thomson Reuters, on average, expected the company's same-store sales to fall 8.9 percent. Target had predicted a 6 percent to 9 percent decline in same-store sales, which are sales in stores open at least one year.

Total sales for the four weeks ended Nov. 29 fell 6 percent to $5.61 billion.

The company's chief executive, Gregg Steinhafel, said shoppers are still very cautious about what they are buying.

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