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EARNINGS-Target quarterly same-store sales top estimates, shares jump 8%

Credit: REUTERS/Jim Young

Target Corp's same-store sales for the first quarter beat Wall Street estimates on Wednesday, benefiting from higher online sales and an increase in shoppers at its stores, sending its shares up more than 8% in early trading.

May 22 (Reuters) - Target Corp's TGT.N same-store sales for the first quarter beat Wall Street estimates on Wednesday, benefiting from higher online sales and an increase in shoppers at its stores, sending its shares up more than 8% in early trading.

Comparable-store sales rose 4.8%, beating analysts' average estimate of 4.18% rise, according to IBES data from Refinitiv.

The company's net earnings rose to $795 million, or $1.53 per share, in the first quarter ended May 4, from $718 million, or $1.33 per share, a year earlier.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Arun Koyyur)

((Aishwarya.Venugopal@thomsonreuters.com; within U.S. +1-646-223-8780; outside U.S. +91 80 6749 1017; Reuters Messaging: Aishwarya.Venugopal.thomsonreuters.com@reuters.net))

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