by Christopher Freeburn | October 4, 2012 12:29 pm
Discount retailer Target (NYSE:TGT) announced on Thursday that it will no longer issue monthly sales reports.
The statement came after the chain revealed sales figures for September, showing a 2.1% rise in same-store sales during the month. That fell just short of 2.2% rise that analysts had predicted, Dow Jones noted.
Company officials said the move to stop monthly sales reporting brought Target in line with the “vast majority” of other retailers and would allow the company to build a longer-term view of its overall financial performance.
A number of other prominent retail chains have opted to stop monthly sales reporting in recent years, including Wal-Mart (NYSE:WMT), J.C. Penney (NYSE:JCP) and Saks (NYSE:SKS).
In August, a study found that prices at Target were lower than those at rival Wal-Mart. That marked the first time since October 2011 that Target could claim to have cheaper prices than its big-box competitor.
Shares of Target rose just under 1% in Thursday morning trading, holding above $63 a share.
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