GENERAL MERCHANDISE NEWS
Target sales outpace Wal-Mart
19 October, 2004 | by Retail Bulletin
US discounter sees growth ahead of forecasts
Target, the number two US retailer, saw its same store sales growth outpace that of rival Wal-Mart in September.
Target’s same store sales grew by 5.6 per cent in the five weeks to October 2, with total sales 12.5 per cent to $3.86bn. Wal-Mart’s same store growth forecasts are curently running at 2 to 4 per cent.
Bob Ulrich, chairman and chief executive, said:”Sales at Target Stores were above plan for the month of September.”
Target operates arond 1,270 store in the US. Unlike Wal-Mart, it has not expanded overseas, although it has said it is looking for opportunities. However, last month the company moved to quash rumours that it was planning an offer for UK chain Sainsbury’s.
