Target March comps up 10.3%

MINNEAPOLIS Target reported that its net retail sales for the five weeks ended April 3 were $6.2 billion, an increase of 12.5% from $5.5 billion for the five weeks ended April 4, 2009. On this same basis, March comparable-store sales increased 10.3%.

“March comparable-store sales exceeded our expectations, driven by particular strength in our apparel business,” said Gregg Steinhafel, chairman, president and chief executive officer of Target. “The combination of actual March and projected April sales performance is expected to produce a 3% to 5% increase in same-store sales for this nine-week period. Additionally, both of our business segments are on track to well exceed their respective profit plans for the first quarter. As a result, we expect Target’s first quarter EPS to exceed by 10 cents or more the current first call median estimate of 74 cents.”