Target’s March Comps Jump 7.3 Percent

Target Corporation reported that its net retail sales for the five weeks ended March 31 were $6.43 million, an increase of 7.9 percent from $5.95 million for the five weeks ended April 2, 2011. On this same basis, March comparable-store sales increased 7.3 percent.

“March sales were well above our expectations, reflecting a healthy underlying trend combined with the benefit of an earlier Easter and favorable weather this year,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “We’re now planning for 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.”

Updated First Quarter 2012 Earnings Guidance
As a result of
stronger-than-expected sales through March, the company currently
expects first quarter 2012 adjusted EPS of $1.04 to $1.10, compared with
prior guidance of $0.97 to $1.07. The company expects GAAP EPS of $0.96
to $1.02, compared with prior guidance of $0.88 to $0.98. The 8 cent
difference between the updated ranges represents the EPS impact in the
first quarter of expected expenses related to the company’s Canadian
market entry slightly offset by the favorable resolution of income tax
uncertainties.