Target shares rose 11% in premarket trading, after the chain said it expects 2024 profit in the range of $9.00 to $9.70 per share, up from its prior range of $8.60 to $9.60
raised its full-year profit forecast on Wednesday and reported its first increase in quarterly comparable sales in over a year, driven by price cuts that attracted more shoppers to its stores.
This summer, the Minneapolis-based chain reduced prices on over 5,000 popular items, including bread, soda, paper towels, and pet food. In February, it introduced a new private-label basics line called dealworthy, with most of the 400 items priced under $10. Additionally, it expanded its Good & Gather and Favorite Day brands by adding 125 new food products.
U.S. retail sales also rose more than expected in July, allaying fears that the U.S. economy was heading towards a recession following signs of a weakening job market. “We see an incredibly resilient consumer in the face of high inflation and some of the other challenges they’ve been facing to manage their household budgets,” Cornell said on a media call.
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