Business World

Target says same-store sales increased in April but fell short of analyst expectations as consumers shopped for necessities such as food and skipped higher-priced items such as jewelry.

The Minneapolis-based discount retailer says same-store sales for the four-week period ended May 3 rose 3%, missing the 4.5% growth expected by analysts polled by Thomson Financial.

The company said results were weakest where the housing slump hit hardest, including Florida, Arizona, Nevada and parts of California quick payday loan.

Total April sales rose 9% to $4.25 billion.

Year-to-date, same-store sales fell 0.7% while total sales rose 5% to $14.3 billion.

The company expects May same-store sales growth to range between a 1% decline to a 1% increase. 

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