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Target May same-store sales fall, missing view

Thu Jun 5, 2008 12:26pm EDT
 
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NEW YORK (Reuters) - Target Corp (TGT.N: Quote, Profile, Research, Stock Buzz) on Thursday reported a steeper-than-expected decline of 0.7 percent in May sales at stores open at least a year, and the discount retailer forecast flat to lower sales for June.

Analysts on average were expecting same-store sales to fall 0.2 percent in May, according to Thomson Reuters data.

The strongest categories during the month were health and wellness products, electronics and consumable items, while the weakest were men's clothes, jewelry, and lawn and patio items, the company said in a recorded call.

Sales for the four weeks ended on May 31 rose 5.5 percent to $4.6 billion.

For June, the company forecast same-store sales to be down 2 percent to flat with a year earlier.

(Reporting by Aarthi Sivaraman; Editing by Lisa Von Ahn)

 

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