Target March sales figure up 7.3 pct.by Martin Moylan, Minnesota Public Radio
ST. PAUL, Minn. — Target's sales last month topped the retailer's estimates, as unseasonably warm weather and an earlier Easter holiday boosted purchases of spring merchandise.
Target, the second-largest U.S. discount chain, posted a 7.3 percent increase in sales at stores open at least one year. That same-store sales measure is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.
The retailer boosted its first-quarter earnings outlook based on the results. Target's total sales for March rose nearly 8 percent to $6.4 billion, from the same month a year ago.
Macy's, the Gap, Victoria's Secret and other retailers had good March sales as well. Same-store sales for the more than 20 companies tracked by Massachusetts-based Retail Metrics rose an estimated 3.3 percent.