Target March Same-Store Sales Rise

MINNEAPOLIS (AP) -- Discount retailer Target Corp. said Wednesday its sales at established stores grew 12 percent in March, helped by the earlier Easter holiday. Results were in line with Target's expectations for 11 percent to 13 percent growth.

Same-store sales, or sales at stores open at least a year, are a key measure of a retailer's performance, because they measure growth at existing stores rather than from newly opened locations.

Total sales for the five-week period ended April 7 grew 16.8 percent to $5.59 billion, from $4.79 billion a year ago. For the combined March/April period, the company expects same-store sales will be up 4 percent to 6 percent.

Year-to-date, same-store sales are up 9.2 percent, compared with 2.8 percent a year ago. Revenue has grown 14 percent to $9.72 billion.

The company is scheduled to hold an analyst meeting later Wednesday in Minneapolis.

Wal-Mart Stores Inc. and other major retailers are expected to report their final March results Thursday.

The International Council of Shopping Centers said Tuesday it still expects same-store sales to rise anywhere from 4 percent to five percent in March, following a modest 2.5 percent gain in February.

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