Target doubles annual sales growth forecast as turnaround starts to pay off
The retailer said more customers bought across all six core categories as digital sales rose 8.9% and same-day delivery climbed 27%.
- On Wednesday, Target raised its annual net sales growth forecast to around 4%, marking the first increase in two years as CEO Michael Fiddelke's investment-heavy turnaround strategy gains traction.
- Fiddelke launched an investment-heavy plan to reverse three years of declining revenue, allocating $2 billion to improve inventory, store staffing, and delivery services for shoppers.
- Digital sales surged 8.9% and same-store sales rose 5.6% during the first quarter, while the retailer cut prices on about 3,000 items to attract cost-conscious shoppers.
- Despite the positive results, Fiddelke said the company is "maintaining a cautious outlook, given the work we know we have in front of us, and ongoing uncertainty in the macroeconomic environment."
- The retailer plans a multi-year home business reinvention and Target Beauty Studio will debut in nearly 600 stores this fall, positioning the company for sustained growth.
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59 Articles
The Post and Courier
Times of IndiaTarget doubles growth forecast, but cites caution as consumers remain stretched
Target raised its annual sales growth forecast for the first time in two years on May 20, but cautioned a tough macro environment ahead, as the retailer tries to turn itself around after an extended sales slump.
Roundup: Target rebounds / Coffee Call / Central’s mayor in accident
Strong sales: Target reported its strongest sales growth in four years Wednesday, signaling that changes made under the company’s new CEO are resonating with customers. Comparable sales rose 5.6% in the three-month period ended May 2. That’s the biggest gain since early 2022 and the first positive read after three consecutive quarters of negative comparable sales. CEO Michael Fiddelke in March unveiled a $6 billion plan to turn things around for…
Target's Turnaround Is Finally Here. So Why Is the Stock Down?
Key PointsTarget reported 6% comp growth and beat estimates on top and bottom lines.Management expressed some cautiousness about the rest of the year.There's a lot of uncertainty around consumer spending right now.10 stocks we like better than Target › After years of slogging through the retail wilderness, Target (NYSE: TGT) had good news for investors on Wednesday: It's alive. The retailer surprised the market with comparable sales up 5.6%, its…
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