Target's revenue at stores open at least a year rose 5.3% in September, exceeding analysts' expectations, driven by sales of grocers, beauty products, clothing; total revenue rose 6.5% to US$5.92B
October 6, 2011
– Target says sales of groceries, beauty products and clothing helped revenue at stores open at least a year rise 5.3 percent in September.
The discount retailer says shoppers spent more at Target and more browsers were converted into buyers during the month.
Target has been expanding its low-price and fresh grocery products, and groceries were one of the biggest sellers during the month. Beauty products and clothing were also strong sellers.
Analysts were expecting revenue in stores open at least one year to rise a smaller 3.9 percent, according to a Thomson Reuters poll. The measure is considered a gauge of a retailer's financial health.
The Minneapolis retailer says total revenue during the five weeks ended Oct. 1 rose 6.5 percent to $5.92 billion.
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