Target (TGT) Sales Rise, But A Touch Below Views
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Price: $144.63 +0.08%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 3.2%
EPS Growth %: +10.2%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 3.2%
EPS Growth %: +10.2%
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Target Corp. (NYSE: TGT) said Thursday that same store sales in August rose 1.8 percent as the discount retailer saw improvement from its expanding food sections, while the back-to-school shopping season drove shoppers to stores.
Analysts had been looking for a rise of 2 percent for comparable sales from the discount retailer last month, according to a report from Thomson Reuters.
The company said that total revenue rose 3 percent to $5.02 billion in the four week period ended August 9, as the company said that food, health care and beauty items were the strongest items, while sales of electronics and home decorations suffered.
"August sales were in line with expectations," said Gregg Steinhafel, chairman, president and chief executive officer of Target. "We're pleased with our strong performance in back-to-school and back-to-college categories, as well as our performance in apparel and food. Guest traffic trends remained healthy throughout the month."
Year-to-date, same store sales or sales at locations open at least one year are up 2.2 percent, while total sales through August are up 5 percent to $35.31 billion.
The company added that it expects comparable store sales in September to rise in the low single digits.
Shares of Target are up 37 cents to $52.61 in early market trade on Thursday.
Analysts had been looking for a rise of 2 percent for comparable sales from the discount retailer last month, according to a report from Thomson Reuters.
The company said that total revenue rose 3 percent to $5.02 billion in the four week period ended August 9, as the company said that food, health care and beauty items were the strongest items, while sales of electronics and home decorations suffered.
"August sales were in line with expectations," said Gregg Steinhafel, chairman, president and chief executive officer of Target. "We're pleased with our strong performance in back-to-school and back-to-college categories, as well as our performance in apparel and food. Guest traffic trends remained healthy throughout the month."
Year-to-date, same store sales or sales at locations open at least one year are up 2.2 percent, while total sales through August are up 5 percent to $35.31 billion.
The company added that it expects comparable store sales in September to rise in the low single digits.
Shares of Target are up 37 cents to $52.61 in early market trade on Thursday.
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