Target Corporation's same-store sales rose 4.5 percent in June-exceeding Wall Street expectations and falling within the high end of the Minneapolis-based retailer's own expectations.
Same-store sales refer to sales at stores that have been open for at least a year, and the figure serves as an industry barometer. Analysts polled by Thomson Reuters had expected a 3.2 percent same-store sales jump in June.
"We're very pleased with Target's June comparable-store sales, which were at the high end of our expected range," Target Chairman, President, and CEO Gregg Steinhafel said in a statement. "Our teams continue to focus on delivering fashion, value, and reliability in every merchandise category both in stores and online."
Net retail sales for the five weeks that ended July 2 totaled $6.26 billion-representing a 5.7 percent increase from the same period last year.
Year-to-date, Target's same-store sales are up 2.7 percent, and its net retail sales are up 3.6 percent to $26.6 billion.
Target-which operates a retail segment and a credit-card segment-now serves customers at 1,755 stores in 49 states nationwide and on its Web site. It is Minnesota's second-largest public company based on its revenue, which totaled $65.4 billion in its most recently completed fiscal year.