Target October same-store sales fall

Target says weaker consumer spending caused its October same-store sales results to fall 4.8 percent. That is a larger drop than analysts expected.

Analysts surveyed by Thomson Reuters, on average, expected the discount retailer's same-store sales to fall a smaller 2.8 percent.

Total sales for the four weeks ended Nov. 1 fell nearly 1 percent to $4.42 billion.

Same-store sales, or sales at stores open at least a year, fell 3.3 percent quarter-to-date and 1.5 percent year-to-date, the company said.

Target Chief Executive Gregg Steinhafel said Thursday the results were "very disappointing."

"We expect the recent challenging sales environment to continue into the holiday season and beyond as a result of the economic factors currently affecting consumer spending," he said in a statement.

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