MINNEAPOLIS — Discount retailer Target Corp. said revenue in stores open at least one year rose 1.3 percent in May as consumers came to the cash register more but spent less on each trip.
The results, released Thursday, fell short of the company's own expectations but edged above analyst expectations of a 1.2 percent gain, according to a survey by Thomson Reuters.
CEO Gregg Steinhafel said in a statement he expects the company "will continue to experience volatility in the pace of economic recovery."
Grocery, health care and beauty products were strong sellers, while electronics were weaker.
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California and Arizona were the weakest regions, Target said.
Total sales for the period rose 4 percent to $4.62 billion. Target expects the figure to rise in the low single digits in June.
Year-to-date, revenue in stores open at least one year rose 2.5 percent, while total sales rose 5 percent to $19.78 billion.