No offense to the grammatically challenged recording artist known as Meatloaf, but the notion that “two out of three ain’t bad” doesn’t apply when the issue is monthly same-store sales at Target.
January results announced last week showed that Target produced a 1.7% comp increase compared with guidance that called for an increase in the low- to mid-single digits. Although 1.7% is technically a low single digit, the gain was declared to be below expectations by company chairman, president and CEO Gregg Steinhafel. In December, the company’s 0.9% comp increase also was below Steinhafel’s expectations, as guidance for the month forecast an increase in the low- to mid-single digits.
