Target tops comp expectations

MINNEAPOLIS Target fared better than it or analysts expected in August, posting a 2.9% decline in same-store sales that was much better than the 5.3% drop analysts’ forecast.

“Sales for the month of August were above expectations,” said Gregg Steinhafel, Target chairman, president and CEO. “Guest traffic in August was essentially flat to last year, marking a meaningful improvement from second quarter trends. We’re pleased with these results, which we believe reflect the resilience of both our guests and our strategy in a challenging environment.”

Total sales for the four week period ended Aug. 29 were $4.856 billion, a slight increase from $4.852 billion the prior year due to the addition of new stores.