Target Corp beat Wall Street estimates for quarterly same-store sales on Wednesday, as the big box retailer benefited from higher online sales ...
REUTERS: Target Corp raised its annual profit forecast on Wednesday after reporting better-than-expected quarterly results as higher investments to remodel stores and beef up digital business drew in more shoppers, sending shares up nearly 15per cent.
Faster services also drove more than three-fourths of the 34per cent increase in comparable digital sales. The robust online sales accounted for more than half of the 3.4per cent growth in same-store sales. Earlier this week, the company said it was starting a new grocery brand, Good & Gather, that would hit stores in September.
Its store traffic grew 2.4per cent, while gross margins improved to 30.6per cent in the quarter, benefiting from a better assortment of its products and competitive pricing."The strong gross margin performance despite the slew of weather-driven markdown concerns highlights the companies balanced mix, strong execution, and scaling e-commerce strategies," JP Morgan analyst Christopher Horvers said.
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