May 17, 2017 / 10:42 AM / 2 months ago

Target posts smaller-than-expected drop in comp sales, shares up

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May 17 (Reuters) - Target Corp reported a smaller-than-expected drop in quarterly comparable sales on Wednesday, as sales picked up in March after a slow start to the quarter.

Shares of the company rose 6 percent to $57.90 in premarket trading.

Sales at stores open at least a year fell 1.3 percent, better than the 3.6 percent drop expected by analysts polled by research firm Consensus Metrix.

Net income rose to $681 million, or $1.23 per share, in the first quarter ended April 29, from $632 million, or $1.05 per share, a year earlier.

Target had recorded a $261 million charge related to the early retirement of debt in the year-earlier period.

Revenue fell 1.1 percent to $16.02 billion.

Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Martina D'Couto

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