Target Revenue up 1.8 Percent in August

MINNEAPOLIS - Target Corp. announced back-to-school and food sales helped total store revenue rise 1.8 percent in August for stores open more than 12 months.

Analysts expected a slightly higher 2 percent increase for Target, according to a Thomson Reuters poll.

The four week period ended Aug. 29 and total revenue rose 3 percent to
$5.02 billion.

Food, health care and beauty items were the strongest sellers as electronics and home decorations saw weaker sales.

Revenue at stores open at least a year is a key indicator of a Target's performance because it excludes growth at stores that open or close during the year.

So far in 2010, revenue in stores open at least one year increased 2.2 percent, as total sales rose nearly 5 percent to $35.31 billion.

Strongest Target numbers were in the upper Midwest, the Carolinas and Texas, while Northeast and Southwest regions, as well as Michigan and Ohio, were not as strong.

Target expects September revenue in stores open at least a year to rise less ’ aiming for the low single digits.