Target to Extend 'Bonus Black Friday' Sales This Month

Date : 07/16/2012 @ 4:50PM
Source : Dow Jones News
Stock : Target Corp. (TGT)
Quote : 54.4  0.2 (0.37%) @ 4:03PM

Target to Extend 'Bonus Black Friday' Sales This Month

Target (NYSE:TGT)
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Target Corp. (TGT) said it was extending its summer online-only "Bonus Black Friday" sale to two full days and will hold its first-ever "Summer Cyber Week" sale.

The big-box retailer's move comes as many retailers are searching for ways to boost sales amid the lagging economy. Several stores have started back-to-school sales and introduced fall lines early, while some--like Target--have pushed "Christmas in July" sales to expand the spending season beyond the November and December deluge.

The summer Black Friday sale, which Target started two years ago, is scheduled for Friday and Saturday, and the Cyber Week sale will go on all next week. The retailer said customers will find "Black Friday-like" deals on more than 2,000 items on Target.com, including toys, movies and apparel.

Like its larger rival Wal-Mart Stores Inc. (WMT), Target is still contending with a slow recovery in the U.S. economy that has left many of its core lower-income shoppers extremely cautious with spending.

In May, Target said its fiscal first-quarter earnings edged up, helped by a stronger-than-expected top line.

Shares closed down 45 cents at $61.50. The stock is up 20% so far this year.

Write to Ben Fox Rubin at ben.rubin@dowjones.com


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