Target sold more stuff in February than Wall Street analysts guessed it would, but the company’s stores are still performing worse than they were a year ago.
The company reported this morning that sales at Target stores open at least one year were down 4.1 percent in February, compared with the same four weeks in 2007.
“February sales were in line with our planned range for the month, as our sales results continue to reflect the significant economic challenges facing our guests.” CEO Gregg Steinhafel said in the company’s statement.
Analysts had expected same-store sales to be down 4.8 percent, the Associated Press reports. Wal-Mart also beat expectations, but its sales were up 5.1 percent.
Meanwhile, CNBC gets excited about the “hiring blitz” that will accompany Target’s opening of 27 new stores. Each store employs between 150 and 225 people.
I think it’s safe to assume, however, that the pay and quality of these jobs don’t match what was eliminated at headquarters in recent months. And none of the new stores is being opened in Minnesota.