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 MINNEAPOLIS (AP) - The first quarter was a tough one for many retailers, so Target's 18 percent profit growth took investors by surprise Wednesday.
Despite worries about rising gas prices and a cool, wet April keeping some shoppers away, Target managed what Wal-Mart Stores Inc. and jeweler Zale Corp. could not. It beat Wall Street expectations and predicted full-year results would be in line with analyst expectations, although it warned that growth would not be as fast during the rest of the year.
But for the moment, at least, it appears that Target's higher-income customers are still spending in a way that other retailers are not seeing.
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