Target reports 6.7% sales increase, best in 4 years
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Target has been struggling with a sales slump and decreased customer traffic, though CEO Michael Fiddelke has said the retailer is poised for a turnaround.
Target, which embarked on a turnaround plan under its new CEO earlier this year, reported its largest jump in comparable sales in four years Wednesday.
American shoppers are brushing off higher gas prices and finally spending money at Target again.
Target's stock plunged in early trading Wednesday, despite quarterly results that came in ahead of Wall Street estimates.
Target on Tuesday named former Walmart executive Jeff England as its chief supply chain officer, as CEO Michael Fiddelke bolsters the retailer's management team in his push to drive efficiency and restore sales growth.
Target’s Q1 earnings topped expectations as a food-forward strategy and 3,000 new products boosted sales, with growth in protein, functional beverages and wellness.
Target’s turnaround efforts include everything from redesigned shopping carts to a “concierge” service for baby products. But the retailer’s optimism about those plans has run up against skepticism from investors,
Martha Stewart on MSN
Target just announced a big shopping cart update—here’s what’s changing
The redesign boasts new features and a smoother ride.
Earlier this year, Target came under fire for its restrained response to two of its employees being detained by U.S. Immigration and Customs Enforcement agents at one of its locations in Minneapolis.
Target (NYSE:TGT | TGT Price Prediction) delivered the quarter bears said it couldn’t. Comparable sales jumped 5.6% on 4.4% traffic growth, digital comps rose 8.9%, and management raised full-year guidance to the high end of the $7.