May 16, 2012 / 11:44 AM / 5 years ago

Target posts higher first-quarter profit

May 16 (Reuters) - Target Corp posted a higher profit as warm weather and an early Easter helped boost sales at the beginning of the quarter.

The discount chain, preparing for its 2013 entry into Canada, earned $697 million, or $1.04 per share, in the first quarter that ended in April, compared with a profit of $689 million, or 99 cents per share, a year earlier.

Sales at stores open at least a year, or same-store sales, rose 5.3 percent, the strongest quarterly performance in more than six years, Target previously said. That fell short of analysts’ average forecast of 5.6 percent growth, according to Thomson Reuters.

Sales rose 6.1 percent to $16.54 billion, Target said earlier this month.

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