MINNEAPOLIS (AP) — Target Corp. said a key revenue figure rose 1.7 percent in October, slightly better than expected.
CEO Gregg Steinhafel said Thursday the results were at the low end of the company’s expectations because of softness in the first half of the month. Steinhafel said traffic is healthy in stores and the company is seeing essential items selling better than discretionary items, a sign that consumers are still squeezed for cash or cautious about spending.
Analysts surveyed by Thomson Reuters expected revenue at stores open at least a year to rise 1.5 percent for the cheap chic retailer.
The figure is important for retailers because it measures growth at existing locations and excludes new or closed stores.
Total revenue for the four weeks ending Oct. 30 rose 2.2 percent to $4.6 billion, the company reported Thursday.
For the quarter, revenue at stores open at least a year rose 1.6 percent, while total revenue edged up 3 percent to $15.2 billion.
That’s below the $15.6 billion that analysts expected for the quarter, according to Thomson Reuters.
Target, which is based in Minneapolis, will report results for the quarter that ended in October on Nov. 17.
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