Target (NYSE:TGT) boosts its holiday-quarter sales forecast, saying shoppers grab more clothing, toys, and beauty products in November and December. The retailer now expects 1.5% growth in comparable sales for the quarter ending in January, up from a flat outlook.Black Friday and Cyber Monday hit record highs, Target says.
Analysts surveyed by LSEG predict a 0.2% gain. Even with stronger sales, the company sticks to its earnings forecast of $1.85 to $2.45 per share for the quarter and $8.30 to $8.90 for the year.This runout beats initial estimates, which saw Target trailing rivals Walmart (NYSE:WMT), PDD's (NASDAQ:PDD) Temu, and Shein.More shoppers visit Target stores and its website, driving a 2% rise in comparable sales.
Big sellers include apparel and toys, a shift from last quarter when warm weather slowed winter clothing sales.Aggressive holiday promotions and a Taylor Swift Eras Tour merchandise boost add to the momentum.
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