Discount-focused retailers like Target and T.J. Maxx see sales boost, raise profit forecasts

From Nasdaq, Inc.: 2024-08-21 13:17:25

Discount-hungry shoppers have boosted sales for Target and T.J. Maxx, with Target experiencing a 3% increase in shopper visits and a 2% rise in comparable sales. Both companies raised profit forecasts, unlike Macy’s, which continues to struggle with declining sales. Walmart also reported positive sales growth, driven by value-conscious consumers.

Target’s success in attracting shoppers through price cuts and nonfood items like apparel has contributed to its performance. Discount-focused retailers like Target and T.J. Maxx are expected to continue outperforming, while Macy’s faces challenges aligning with changing consumer demand. Retailers offering value are likely to thrive in the current economic climate.



Read more at Nasdaq, Inc.: U.S. Shoppers Flock to Discounts: Target and TJX Lead Retail Gains