Target September sales metric beats estimates

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Associated Press

Posted on October 8, 2009 at 9:04 AM

Updated Thursday, Oct 8 at 9:04 AM

MINNEAPOLIS (AP) — Target says a key sales measure dipped 1.7 percent in September but beat analyst estimates. The result led the discount retailer to predict third-quarter earnings per share above Wall Street's forecast.

Analysts surveyed by Thomson Reuters expected sales at stores open at least a year to dip 2 percent in September. The metric is considered a key retail performance indicator because it measures growth at existing stores rather than newly opened ones.

Overall sales climbed 1.3 percent in September to $5.39 billion, according to Minneapolis-based Target Corp.

So far this year, net sales at the retailer are down less than 1 percent to $39.18 billion, while sales in locations open at least a year slid 4.3 percent.

Target owns more than 1,700 stores in 49 states.

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