Target to Add 500 Stores over Next 5 Years

Target Corp. said Wednesday that it expects to add 500 stores over the next five years, and will open its first outlets in Alaska and Hawaii. If the Minneapolis-based company completes this goal it will have about 2,000 stores in the U.S., The Associated Press reports.

Target chairman and chief executive Robert Ulrich said in a presentation to analysts that the company is focused on adding U.S. stores, the AP reports. Target has 1,502 stores and said it plans to add about 100 stores each year through 2011, the AP reports.

Ulrich said he believes there’s room in the U.S. for at least 3,000 Target stores—although he acknowledged that chief financial officer Doug Scovanner thinks the number is closer to 2,500, the AP reports.

Also Wednesday, Target said same-store stores grew 12 percent in March, helped by the earlier Easter holiday, the AP reports.

Total sales for the five-week period ended April 7 grew 16.8 percent, to $5.59 billion, from $4.79 billion a year ago, the AP reports.

Year-to-date, same-store sales are up 9.2 percent, compared with 2.8 percent a year ago, the AP reports. Revenue has grown 14 percent, to $9.72 billion.