Target August same-store sales up 6.1 percent
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Thu, 06 Sep 2007 13:14:13 GMT |
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NEW YORK (Reuters) - Target Corp on Thursday said August sales at stores open at least a year rose 6.1 percent, beating expectations and sending its shares up more than 2 percent.Target, the No. 2 U.S. discount chain behind Wal-Mart Stores Inc , had forecast August same-store sales growth of 4 percent to 6 percent, while analysts on average were expecting a rise of 4.9 percent, according to Reuters Estimates.Net sales for the four weeks ended September 1 rose 11.6 percent to $4.707 billion from $4.218 billion.Target said that during the month, sales were strong in electronics, health care and consumable items, but weaker in shoes, intimate apparel and jewelry.The mid-Atlantic and Northeast were its strongest markets, while the Southeast reported the weakest sales growth for the month.For September, Target said it expected same-store sales to rise 4 percent to 6 percent.In trading before the market opened, the company's shares rose to $63.19 from Wednesday's New York Stock Exchange close of $61.88.(Reporting by Nicole Maestri)
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