Target Corporation (TGT: Quote) said its comparable-store sales for March increased 7.3 percent, reflecting a healthy underlying trend combined with the benefit of an earlier Easter and favorable weather.
The Minneapolis, Minnesota-based company's monthly net retail sales totaled $6.427 billion, a rise of 7.9 percent from $5.955 billion last year.
The company, which offers products primarily under Target and SuperTarget trademarks, said it now expects first-quarter adjusted earnings per share of $1.04 - $1.10, versus its prior outlook of $0.97 - $1.07. The company currently expects GAAP earnings per share in the range of $0.96 - $1.02, compared with prior guidance range of $0.88 - $0.98. The company attributed the updated earnings forecast to stronger-than-expected sales through March.
On average, 22 analysts polled by Thomson Reuters expect the company to report earnings of $0.97 per share for the first quarter. Analysts' estimates typically exclude special items.
Target now sees a revised first quarter comparable-store sales increase of 5 to 6 percent, reflecting a low to mid single-digit increase in our April comparable-store sales.
TGT closed Wednesday's trading at $57.82.
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by RTT Staff Writer
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