MINNEAPOLIS (AP) — Target says revenue at stores open at least a year rose 4.2 percent in August as families began their back-to-school shopping.
The increase was greater than Wall Street predicted. Analysts surveyed by Thomson Reuters expected 3.1 percent growth.
Revenue from stores open at least a year is a key gauge of a retailer’s health because it excludes volatility from stores recently opened or closed.
Total sales for the four weeks ended Aug. 25 rose 4.7 percent to $5.54 billion.
Year-to-date revenue in stores open at least one year rose 4.2 percent as well. Total revenue rose 4.8 percent to $38.5 billion.
The discount retailer expects revenue at comparable stores will rise in the low single-digit percentage range in September.
Target Corp. is based in Minneapolis.
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