Back-to-School Shopping Boosts Target’s Aug. Sales
Target Corporation’s sales rose in August and beat Wall Street estimates.
Same-store sales—sales at stores open for at least a year and a key measure of a retailer’s health—jumped 4.2 percent. Analysts polled by Thomson Reuters expected a 3.1 percent increase.
Target Chairman, President, and CEO Gregg Steinhafel called the same-store sales increase “near the high end of our expected range.”
He added that “sales were stronger in the second half of the month as guests responded to Target’s broad assortment and compelling value for their back-to-school and back-to-college shopping.”
Meanwhile, net retail sales for the four-week period that ended August 25 totaled $5.54 billion, up 4.7 percent from the same period last year.
Year-to-date, Target’s overall sales are up 4.8 percent and total $38.5 billion—and same-store sales are up 4.2 percent.
Target shares were trading down 0.1 percent at $64.20 mid-morning Thursday on news of the August sales results.
Target is Minnesota’s second-largest public company based on revenue, which totaled $68.5 billion in its fiscal year that ended in January. It operates 1,763 stores in the United States and plans to expand into Canada next year.