Target Lifts Guidance, Same-Store Sales Rise 7.3%

NEW YORK ( TheStreet) -- Target ( TGT) said its same-store sales in March rose 7.3% and the retailer raised its first-quarter guidance.

Analysts were expecting same-store sales to rise 5.4%.

Net retail sales jumped 7.9% to $6.4 billion, Target said.

"March sales were well above our expectations, reflecting a healthy underlying trend combined with the benefit of an earlier Easter and favorable weather this year," CEO Gregg Steinhafel said in a statement.

Target raised its first-quarter adjusted earnings outlook to between $1.04 and $1.10 a share; it had previously seen adjusted profit of as much as $1.07 a share.

Shares of Target rose 1.18% in premarket trading Thursday to $58.50.

-- Written by Alexandra Zendrian

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