Target's June revenue gauge rises, but misses view

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Associated Press

Posted on July 5, 2012 at 9:00 AM

Updated Thursday, Jul 5 at 10:01 AM

NEW YORK (AP) — Discount retailer Target Corp. says a key revenue measure rose 2.1 percent in June as shoppers spent more on food and health and beauty items.

But the growth in revenue at stores open at least one year was slightly lower than the 2.4 percent rise analysts surveyed by Thomson Reuters expected. Its shares fell more than 2 percent in premarket trading.

Revenue in stores open at least one year is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.

Total sales for the five weeks ended June 30 rose 2.6 percent to $6.42 billion.

Target reiterated guidance for the fiscal second quarter. It expects earnings excluding one-time items will be 94 cents to $1.04 per share. Analysts expect $1.01 per share.

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