Target raises annual sales forecast for second time
Target raised its annual sales forecast for the second time this year as price cuts and fresh merchandise boosted quarterly results. Comparable sales grew 3.8 percent, beating analyst estimates and driving shares up five percent.
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TARGET CORP raised its annual sales forecast by 5% and lifted its quarterly profit on August 19, driven by price cuts and fresh merchandise. The retailer's quarterly comparable sales grew 3.8%, beating analyst estimates of 2.5% growth. The results signal that CEO Michael Fiddelke's turnaround plan is gaining momentum ahead of the holiday shopping season.
