Target’s revenue comparison rises 1.8 percent in August, just shy of expectations

Target’s August revenue comparison rises

MINNEAPOLIS — Discount retailer Target Corp. said Thursday sales of back-to-school and food items helped revenue in stores open at least a year rise 1.8 percent in August.

But results fell just short of analyst expectations for a 2 percent increase, according to a poll by Thomson Reuters.

Total revenue for the four weeks ended Aug. 29 rose 3 percent to $5.02 billion.

Food, health care and beauty items were the strongest sellers. Electronics and home decorations were weaker.

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

For the year to date, revenue in stores open at least one year rose 2.2 percent, while total sales rose nearly 5 percent to $35.31 billion.

Strongest results were in the upper Midwest, the Carolinas and Texas, while parts of the Northeast and Southwest, as well as Michigan and Ohio were weaker.

The company expects September revenue in stores open at least a year to rise in the low single digits.