Target same-store sales slip 6.3 percent in March

Discount retailer Target says same-store sales declined 6.3 percent in March, slightly better than Wall Street expectations.

Analysts polled by Thomson Reuters expected a 7.4 percent decline in same-store sales, or sales at stores open at least one year.

Total sales for the five weeks ended April 4 fell 2.3 percent to $5.5 million from $5.7 million last year.

The company says same-store sales fell 5.3 percent year-to-date, while total sales have declined 1.3 percent, or $9.9 million, so far this year.

Target Chief Executive Gregg Steinhafel said in a statement Thursday that shoppers are still cautious, but that operating results are improving in its business segments.

Target expects April same-store sales to be flat from last year.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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