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CORRECTED - OFFICIAL-UPDATE 2-Target adding grocery to stores
September 24, 2010 / 2:41 PM / in 7 years

CORRECTED - OFFICIAL-UPDATE 2-Target adding grocery to stores

(Company corrects to say it will sell six, not four, iPad models)

* Will add grocery to more than 850 stores by end of 2011

* Says grocery format will help 2011 same-store sales

* Will begin selling iPad in early October

* Shares up more than 2 percent (Rewrites, adds details, share activity)

MINNEAPOLIS, Sept 24 (Reuters) - Discount retailer Target Corp (TGT.N) will add grocery sections to more than half of its roughly 1,500 U.S. stores by the end of 2011, the company’s chief financial officer said on Friday.

By end of next year, the company will have P-fresh grocery sections in about 850 stores, CFO Douglas Scovanner said at a meeting with reporters.

Target expects P-fresh to add 1 to 2 percentage points to 2011 same-store sales, Scovanner said.

He added that Target is beginning to see food shoppers make purchases in other parts of the store.

The retailer also said it would begin selling Apple Inc’s (AAPL.O) popular iPad tablet computer on Oct. 2.

Target will sell six models at prices starting at $499, a spokeswoman said.

Apple’s tablets are also available from Apple standalone stores and Best Buy Co (BBY.N).

Target shares rose 2.2 percent Friday morning to $54.97. ( (Reporting by Brad Dorfman, editing by Dave Zimmerman)

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