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MINNEAPOLIS -- Target Corp. here reported same-store sales were up 5.6 percent in September, which bettered Wall Street's expectations for the chain. Food was one of the major categories credited with the positive performance for the month.
Target said the comp figure fell within the range of its earlier forecast of between 4 and 6 percent. Analysts' consensus had been an expected 4.9 percent rise. Target said improvements in traffic levels and average market basket were responsible. It said its top performers in September were food, personal and baby care, and women's apparel, while weaker performers were decorative home, entertainment, garden, and automotive products. Regionally, sales were best in the South and West.
Target forecast October same-store sales growth of 6 percent, and added that it expects to deliver on earnings per share of $1.50 or more in the second half.