Target’s Sept. Sales Beat Wall Street, Boost Stock
Target Corporation's same-store sales shot up 5.3 percent in September-beating the expectations of Wall Street and the company itself.
Same-store sales are 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 anticipated a 3.9 percent boost last month.
Shares of Target's stock were trading up about 5 percent Thursday morning on news of September's strong sales.
“We're very pleased with our September comparable-store sales, which were somewhat ahead of our expectations,” Target Chairman, President, and CEO Gregg Steinhafel said in a statement. “We experienced strong sales results throughout the month and across a broad array of merchandise categories…”
Net retail sales for the four weeks that ended on October 2 totaled $5.92 billion, representing a 6.5 percent jump from the same period last year.
Year-to-date, Target's same-store sales are up 3.4 percent, and its net retail sales are up 4.5 percent to $42.69 billion.
Minneapolis-based Target-which operates a retail segment and a credit-card segment-now serves customers at 1,767 stores in 49 states nationwide and on its Web site, and it will open its first stores in Canada in 2013. Target is Minnesota's second-largest public company based on its revenue, which totaled $65.4 billion in its most recently completed fiscal year.