Target February Revenue Figure Up 1.8 Percent
MINNEAPOLIS (AP) -- Target said Thursday that a key revenue figure rose 1.8 percent for February, helped by sales of fresh food and by shoppers with its branded cards taking advantage of a 5 percent discount, but the results missed analyst expectations.
Analysts expected a 2.2 percent increase in revenue at stores open at least a year, according to Thomson Reuters.
The chain's total revenue for the four weeks that ended Feb. 26 rose 2.4 percent to $4.75 billion.
The company said revenue in stores open at least a year rose more than average in California, South Florida and the Mid-Atlantic but less than average in the Midwest, the Carolinas and the Northeast.
Grocery and clothing sales rose while home products and electronics sales fell.
Target Corp. expects March revenue in its stores open at least a year to fall because Easter-related sales will be pushed to April with Easter falling three weeks later. For the combined March and April period, however, Target expects the figure to rise in the low-single-digit percentage range.
Revenue in stores open at least a year is a key measure of a retailer's performance because it excludes stores that open or close during the year.
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