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Target Corp. (NYSE:TGT) reported an encouraging trend with net sales for the five weeks ended on March 31, rising 7.9 percent to $6.427 billion compared to $5.955 billion in the five week period ended April 2 last year. Same-store sales during the like-to-like periods were up 7.3 percent.
“March sales were well above our expectations, reflecting a healthy underlying trend combined with the benefit of an earlier Easter and favorable weather this year,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “We’re now planning for a revised first quarter comparable-store sales increase of 5 to 6 percent, reflecting a low to mid single-digit increase in our April comparable-store sales.”
Year-to-date sales grew 8 percent to $11.559 billion, with same-store sales also climbing 7.2 percent.
Target also upwardly revised its guidance for the first quarter in light of strong sales through March. It now expects adjusted earnings per share for the quarter in the range $1.04 to $1.07, compared to the earlier guidance of $0.88 to $0.99.
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