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Target same-store sales disappoint

Target Corp. on Monday said December sales at stores open at least a year were running below expectations for the week ended Dec. 20 for the total corporation and at its namesake discount stores.
/ Source: Reuters

Target Corp. on Monday said December sales at stores open at least a year were running below expectations for the week ended Dec. 20 for the total corporation and at its namesake discount stores.

The Minneapolis-based company's current plan for the month forecasts same-store sales at Target units up 5 percent to 7 percent. For the total company, which includes its slower-growing Mervyn's and Marshall Field's department stores, it expects same-store sales to rise 4 percent to 6 percent.

The weekend before Christmas is typically the biggest shopping weekend of the year, and retailers were hoping that pent-up demand would boost sales following a string of recent snowstorms in the northeastern United States.