Target shares spike as profits rise, despite cautious sales outlook
Publishing timestamp: 2024-08-21 16:05:56
Summary
Target beat Wall Street's earnings and revenue expectations, but struck a cautious note about full-year sales. The company's profit guidance was raised, and shares closed 11% higher. Target saw growth in sales, especially in discretionary items like clothing, and digital sales. The company has been trying to drive higher foot traffic through loyalty programs, discounts, and price reductions on frequently bought items. Target's stock is up about 12% so far this year.
Sentiment: MIXED
Keywords: breaking news: business, business news, target corp, retail industry, earnings, walmart inc, breaking news: earnings, amazon.com inc, business,
Source: https://www.cnbc.com/2024/08/21/target-tgt-q2-2024-earnings.html