Target reported a 3% sales growth in its fiscal second quarter, marking a return to growth after sluggish performance. The retailer exceeded Wall Street’s expectations, driven by increased customer visits and higher discretionary spending. Target maintained its cautious full-year sales forecast, expecting growth in the lower half of its projected range. The company credited new merchandise, price cuts, and enhanced loyalty programs for improved performance despite ongoing economic uncertainties. Target also raised its profit guidance. Shares rose over 10% in premarket trading.
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00:00It's Benzinga, and here's what's on the block.
00:03Target reported a 3% sales growth in its fiscal second quarter, marking a return to growth
00:07after a sluggish performance.
00:09The retailer exceeded Wall Street's expectations, driven by increased customer visits and higher
00:13discretionary spending.
00:15Target maintained its cautious full-year sales forecast, expecting growth in the lower half
00:20of its projected range.
00:21The company credited new merchandise, price cuts, and enhanced loyalty programs for improved
00:25performance despite ongoing economic uncertainties.
00:29Target also raised its profit guidance.
00:31Shares rose over 10% in pre-market trading.
00:33For all things money, visit Benzinga.com.