Financial News

MINNEAPOLIS — Target's March sales dropped 4.5% to $5.95 billion, compared with the year-ago period.

The retailer also disclosed that comparable-store sales for the five weeks dropped 5.5%, which was in line with expectations, as they reflected the later timing of the Easter holiday, according to the company's chairman, president and CEO, Gregg Steinhafel.

"Our stores are well-prepared for the upcoming Easter season, and we continue to expect a mid-teens increase in Target's April comparable-store sales," Steinhafel noted.

CAMP HILL, Pa. — Sales at Rite Aid fell during fiscal year 2011, according to financial results announced Thursday, but it appears the company may have gained some momentum, reversing negative same-store sales trends in the fourth quarter.

MEMPHIS — Fred's on Thursday reported a 3% increase in sales for the five weeks ended April 2, reaching $188.8 million.

Comparable-store sales for the month rose 0.7%, versus an increase of 3.6% in the same period last year.

WASHINGTON — Retailers may be worried that the late Easter holiday could negatively impact sales, but a new survey conducted on behalf of the National Retail Federation noted that consumers intend to spend more this year than in 2010.

PURCHASE, N.Y. — Most retail segments showed solid year-over-year retail growth in March, according to MasterCard Advisors SpendingPulse, a macroeconomic report tracking national retail and services sales.

CHICAGO — U.S. consumers that opted to become more thrifty during the recession will face rising food costs with ease as they've mastered ways to stretch their money, according to new research by NPD.

The research group's Economy Tracker found that nearly 3-out-of-4 consumers (74%) strongly agreed that they expect coupons and special deals will be much more important in deciding what to buy, while 67% said that they would shop less in general and 53% said that they would be buying in bulk.

SAN FRANCISCO and CINCINNATI — A Procter & Gamble potato chip brand will become part of Diamond Foods in a deal valued at $2.35 billion.

WHITEHOUSE STATION, N.J. — Drug maker Merck is looking to boost its eye care portfolio by acquiring a company focused on developing and commercializing ophthalmic products. The deal carries a cash value of about $430 million.