Target's sales surge in first quarter

Retail News Breaks May 16th, 2012MINNEAPOLIS ? Retail sales for the first quarter increased 6.1% to $16.54 billion at Target Corp., fueled by a 5.3% rise in comparable-store sales. Although net income increased just 1.2% to $697 million, earnings per diluted share of $1.04 exceeded the $1.02 per share average estimate among analysts. In a research note, William Blair & Co. analyst Mark Miller noted that the results represented a strong rebound from soft fourth quarter sales. In particular, the previously reported 5.3% increase in comp-store sales was the best quarterly comp in over six years, and, like other