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US: Target reports better than expected March

Target has reported a better than expected March, helped along by warm weather.

The discounter, with headquarters in Minneapolis, boosted its first-quarter earnings outlook based on solid results.

The sales results were above analysts' expectations for a 5.4 percent increase. The figure is based on revenue in stores opened at least one year. The metric is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.

Total sales during the five-week period ended March 31 were $6.43 billion, an increase of 7.9 percent from $5.96 billion in the year-ago period.

"March sales were well above our expectations, reflecting a healthy underlying trend combined with the benefit of an earlier Easter and favourable weather this year," said Gregg Steinhafel, chairman, president and chief executive of Target in a statement.

Source: www.kansascity.com

Publication date: 4/6/2012


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