Target’s moves to ramp up deals on thousands of grocery items and offer more trendy but affordable fashion helped drive shoppers to its stores and online in the second quarter
Target’s comparable sales rose for the first time in a year as grocery aisle deals for cash-strapped customers began to pay off.
Target's profits and sales beat Wall Street expectations. The company increased its annual profit outlook but said that sales for the year could fall at the low end of its guidance for unchanged to a 2% increase.“We are seeing an incredibly resilient consumer in the face of high inflation,” Target’s CEO Brian Cornell said. “They are looking for newness, but they are also shopping looking for value.
The discounter said it earned $1.19 billion, or $2.57 per share, in its second quarter. That compared with $835 million, or $1.80 per share, in the year-ago period.
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