U.S. News

Target Reaffirms Sales Outlook For March

Target reaffirmed late Monday that it will meet its same-store sales growth goal of 11% to 13% for March.

Same-store sales are sales at stores opened at least a year and are considered the industry standard for measuring a retailer's health.

Target said in a pre-recorded call that its estimate for the five-week period that ends April 7 is based on its sales performance during the first three weeks of the month, combined with its outlook for the remaining two weeks.

Target along with other major retailers are expected to report final results for March on April 12.

Target also said on Monday that it expects to post a 4% to 6% same-store sales gain for the combined March-April period.

Analysts look at the combined March-April figure to get a better read of how spring fared because of the Easter. This year, an earlier Easter, which falls on April 8, will inflate March results at the expense of April.

Shares of Target rose 5 cents to close at $61.56 on the New York Stock Exchange, where it lost 41 cent in after-market trading. Target made its announcement after the regular markets closed.