Target doubles annual sales forecast but shares retreat
Target raised its annual sales forecast to 4% after reporting strong quarterly growth. Executives remain cautious as rising fuel costs stretch consumer budgets.
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TARGET CORP doubled its annual sales growth forecast to 4% after ending a four-quarter slump with 5.6% quarterly growth. The retailer is attempting a turnaround following three years of declining revenue and shifting consumer habits. Investors are weighing the improved guidance against management's warnings of a volatile macro environment and rising fuel costs.
