Target Reports Positive Sales Data -- WSJ
July 14 2017 - 3:02AM
Dow Jones News
By Imani Moise
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (July 14, 2017).
Target Corp. said rising store traffic helped turn
comparable-store sales growth positive for the first time in a
year, giving the retailer an early win in its bid to improve stores
and lure shoppers with new brands.
The retailer said Thursday it now expects a modest increase in
comparable sales in its second quarter compared with prior guidance
of a low- to single-digit percent decline.
Target also gave a rosy earnings outlook, citing tax benefits
from its supply-chain operations. The company now expects earnings
per share to come in higher than prior guidance of 95 cents to
$1.15.
Investors welcomed the news from Target and sent shares in the
company 3.5% higher to $52.63 in morning trading. Despite
Thursday's gains, Target shares are still down 27% so far this
year.
The Minneapolis-based company, like retailers industrywide, has
been coping with the effects of decades of overbuilding and falling
foot traffic as e-commerce becomes increasingly popular.
Target said earlier this year it plans to invest $7 billion over
the next three years on store improvements, new brands and
developing its digital and supply-chain capabilities. It also
expects to sacrifice about $1 billion of potential profit to lower
prices and drive lower-margin digital sales.
Target will report its full second-quarter results on Aug.
16.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
July 14, 2017 02:47 ET (06:47 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Target (NYSE:TGT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Target (NYSE:TGT)
Historical Stock Chart
From Apr 2023 to Apr 2024