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Target Corp., the Minneapolis-based retailer, last week reported its November net charge-off rate was 11% of credit card receivables, up from 10.2% in October. Total delinquencies for accounts at least 60 days past due totaled $752.7 million in November, a 6.1% increase from $709.1 million in the previous month. Nearly 48% of those delinquent account holders missed at least four payments, according to the filing with the U.S. Securities and Exchange Commission. Earlier this month, Target reported that its net retail sales for the four weeks ended Nov. 29 decreased 6.7% to $5.6 billion from $6 billion for the corresponding period a year ago. November comparable-store sales declined 10.4% year over year, the company reported.
