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Target lowers comp-store projection

Minneapolis – Target Stores edged away from its previous estimate of April comparative store sales, saying that it now expects comps to be “much weaker than our initial plan of minus 2% to minus 4%” and that comps for the March-April combined period are expected to be up 3% to 4%, rather than the previous outlook of 4% to 6%.

Target based its estimates on actual sales for the two weeks ended Saturday, April 21, and its outlook for the two weeks ending Saturday, May 5.

The big discounter said it remains “comfortable that our first-quarter earnings per share growth will be consistent with our previous guidance for the full year” and also said comps for the first quarter are expected to be “about 4%.”

Actual sales for the four-week April period are set to be reported on Thursday, May 10.

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