Target June Revenue Figure Beats Expectations
MINNEAPOLIS (AP) — Target says revenue at stores open at least one year rose 4.5 percent in June as shoppers picked up groceries and seasonal merchandise.
The comparison is key because it excludes results from stores that recently opened or closed. Analysts expected a smaller 3.2 percent rise.
The discount retailer says its grocery category was its strongest performer. Target has been expanding its grocery selection, particularly with investments in its “P-Fresh” fresh-food program. Health and beauty products and clothing basics like tights and underwear were also strong. Movies, books and home decor were weaker.
Total revenue for the five weeks ended July 2 rose nearly 6 percent to $6.26 billion.
Minneapolis-based Target Corp. expects July revenue in stores open at least one year to rise in the low- to mid-single digits.
(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)