Positive: Target Corp reports strong sales and profit growth, driving up stock price by 6%.

From Barchart: 2024-11-23 13:56:11

Target Corp saw a 23% increase in sales in the first quarter, reaching $24.6 billion. The company’s profit also surged to $2.1 billion, up from $284 million last year. Target’s digital sales grew by 50%, with same-day services experiencing triple-digit growth.

The strong performance was driven by a surge in online shopping during the pandemic. Target’s CEO credits the company’s investments in e-commerce and store pickup options for the growth. The retailer also saw a 5% increase in foot traffic, indicating a resurgence in in-store shopping as well.

Target’s shares rose by 6% following the earnings report, reaching a record high. The company’s stock has outperformed the S&P 500 index by 30% so far this year. Analysts are optimistic about Target’s future prospects, citing its strong financial position and successful omnichannel strategy.



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