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Target bests profit forecasts on inventory drawdown, shares surge 17%
With nearly half of Target's sales coming from these less essential categories, its sales have fallen in the past two quarters, but the retailer has been about to eke out a higher profit on tighter inventory management and cost controls in other parts of its business, such as logistics. On Wednesday, the company forecast adjusted earnings to land between $1.90 and $2.60 per share. The midpoint of that range topped analysts' expectations of $2.22 per share, according to LSEG data.