MINNEAPOLIS (AP) - Target says revenue in stores open at least one year fell an unexpectly sharp 5.9 percent in April as shoppers had already spent more on Easter-related merchandise a month earlier.
Analysts surveyed by Thomson Reuters expected a smaller 2.3 percent drop in April.
But discount retailer says higher-margin categories are performing well and expects first-quarter net income will at least meet analyst expectations of 86 cents per share.
It says revenue in stores open at least a year in the combined March and April period rose 3 percent.
Target says its total sales in April fell nearly 4 percent to $4.29 billion.
Revenue in stores open at least one year is a key measure of a retailer's financial health.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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