Target March same-store sales fall 4.4 pct
NEW YORK (Reuters) - Discount retailer Target Corp (TGT.N: Quote, Profile, Research) on Thursday said sales at stores open at least a year fell a bigger-than-expected 4.4 percent in March.
Analysts, on average, were expecting a same-store sales decline of 2.7 percent, according to Reuters Estimates, while the retailer had forecast a fall in a low-single-digit percentage range.
Bob Ulrich, chairman and chief executive officer, said in a statement that the company's performance was "modestly below our planned range."
The retailer said the timing of Easter, which fell on March 23 this year compared with April 8 a year ago, hurt its March sales but will benefit April results.
In a recorded call, Target said it expects April same-store sales to increase in the mid-single-digit percentage range.
It also said it expects same-store sales for March and April combined to be near the low end of its forecast range of down 1 percent to up 1 percent.
Total retail sales for the five weeks ended April 5 increased 1.5 percent to $5.68 billion.
Sales were strong in its health care, household and consumable departments, but weakest in men's apparel, jewelry, and lawn and garden.
(Reporting by Nicole Maestri, editing by Gerald E. McCormick and John Wallace)
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