Target Earnings Top Estimates, And Retailer Raises Forecast As Back-To-School Spending Kicks In

Target said Wednesday fiscal second-quarter sales rose in every merchandise category from apparel to grocery — even when compared with last year’s pandemic-fueled record pace, helping the retailer top earnings estimates. With back-to-school spending off to a promising start, the big-box retailer raised its forecast for the year. But shares fell 1.4% in premarket trading. Target expects to see comparable sales, a key retail metric that tracks sales online and at stores open at least a year, rise by high single-digits in the second half of the year. It had previously anticipated growth in the single digits. Read more at CNBC.

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