Target Gets Boost From Apparel

Target beats first-quarter estimates, receiving a boost from apparel and electronics.
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NEW YORK (

TheStreet

) --

Target

(TGT) - Get Report

reported a 29% surge in first-quarter profit, receiving a boost from sales of discretionary items like apparel and electronics.

During the quarter the discounter earned $671 million, or 90 cents a share, compared with $522 million, or 69 cents, in the year-ago period. Analysts expected a profit of 86 cents a share.

Sales grew 5.5% to $15.2 billion, while same-store sales rose 2.8%.

"Our retail segment delivered results well above our expectations, as sales of higher margin discretionary items were particularly strong, especially in apparel," Chief Executive Gregg Steinhafel said in a statement.

Shares of Target were gaining 2.2% to $55.40 in pre-market trading Wednesday

Reported by Jeanine Poggi in New York.

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