Target reports April sales results

MINNEAPOLIS Target reported that its net retail sales for the four weeks ended May 2, 2009 were approximately $4.45 million, an increase of 4.5% from $4.25 million for the four weeks ended May 3, 2008.

On this same basis, April comparable-store sales increased 0.3%.

“April sales results were in line with our guidance for the month,” said Gregg Steinhafel, chairman, president and CEO Target Corp. “For the first quarter overall, retail segment financial performance was significantly better than expected, and the credit card segment performed in line with our prior guidance. As a result, we expect first quarter earnings per share results to be well above the current median First Call estimate of 52 cents.”

Year-to-date sales are approximately $14.36 million.