Target April Sales Up 13% But Miss Expectations
Minneapolis-based retail giant Target Corporation announced Thursday that its April same-store sales posted a double-digit increase, but the increase missed both internal and analyst expectations.
Same-store sales-sales at stores open for at least a year and an industry barometer-increased 13.1 percent from last April, which was expected due to Easter being later this year. Wall Street analysts expected the company to post a 13.2 percent increase in same-store sales.
Target CEO Gregg Steinhafel said that April's same-store sales were “somewhat below our expectations,” adding that consumers continued to be “very cautious in their spending leading up to Easter.”
Target posted an expected 5.5 percent decrease in same-store sales in March because of the shift in the holiday. The March decrease was less than the 6.5 percent decrease expected by analysts polled by Thomson Reuters.
Sales for the four weeks ending on April 30 totaled $4.87 billion, representing a 13.7 percent increase from $4.29 billion during the same period last year.
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 $67.4 billion in its most recently completed fiscal year.