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Minneapolis

Target's Black Friday sales beat estimates, firm says

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Nov. 30 (Bloomberg) -- Target Corp.'s sales during Thanksgiving weekend exceeded expectations as customers took advantage of discounts to load up on electronics and clothing, according to Cleveland Research Co.

The weekend performance may help boost the Minneapolis retailer's sales at stores open at least a year as much as 6 percent this month, from an earlier top-end estimate of 4 percent, the Cleveland- based researcher said in a report.

Target attracted shoppers with discounts on flat-panel televisions and other electronics, the researcher said. The Minneapolis-based chain is vying for customers with larger Wal- Mart Stores Inc. this holiday season, as well as with department stores, dollar stores and specialty retailers.

Sales of women's apparel, toys and groceries also exceeded expectations, giving Target a better chance to surpass sales and profit forecasts, Cleveland said. The firm has a "buy" rating for Target, the second-biggest U.S. discount retailer.

Several stores reported lines of more than 1,000 people for the 4 a.m. opening on the Friday after Thanksgiving, Raslyn Wooten, a Target spokeswoman, said in an e-mail. Top-sellers included electronics such as Apple Inc.'s iPod and Nikon Corp.'s Coolpix camera, she said. Target will report same-store sales for November Thursday.

Profit in this quarter may be $1.46 a share, 5 cents higher than Cleveland's previous estimate. That compares with the $1.40 average of estimates compiled by Bloomberg.