Economics
Target Climbs to Record High on Sales Beat, Raised Forecast
- Same-store sales climb 4.5%, while profitability improves
- Stellar third quarter distances Target from struggling rivals
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Target Corp. reached a record high after raising its full-year outlook again on strong sales and profitability, providing a safe haven after several retailers unnerved investors.
Third-quarter comparable sales, a key retail metric, rose 4.5%, a full percentage point above what analysts polled by Consensus Metrix had projected. Profit this year excluding some items will be between $6.25 and $6.45 a share, Target said Wednesday.