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MINNEAPOLIS — Discount retailer Target Corp. said Thursday that its same-stores sales fell 4.1 percent in February, a better figure than analysts had expected as shoppers bought necessities such as groceries but steered clear of apparel and home products.
Analysts expected sales in stores open at least one year, or same-store sales, to fall 4.8 percent.
Target said groceries and health products were the biggest sellers while apparel and home products were weaker. The average amount shoppers spent per trip fell during the month, and total sales were flat at $4.37 billion.
Sales were the best in the Midwest, Northeast and Northern California. Results were weaker in the South and Southwest and other parts of California.
Target's chief rival Wal-Mart Stores Inc. said same-store sales for the month rose 5.1 percent, far surpassing analyst expectations.
Discounters in general have fared better than other retail sectors as consumers cut back. But Wal-Mart, which emphasizes its grocery offerings and other necessities, has fared better than Target, known more for its cheap-chic apparel and funky housewares.
Minneapolis-based Target said March sales will be hurt by a later Easter, but that will help April sales. Target predicts March same-stores sales will decline in the high single digits and expects April same-store sales will be relatively flat.
