A new look and fresh merch are winning customers back at Target as sales rebound
Comparable sales rose 3.8% as Target added customers, cut prices on more than 10,000 items and boosted results with a $994 million tariff refund.
- On Wednesday, Target reported its second straight quarter of comparable sales growth, with a merchandising overhaul under Target CEO Michael Fiddelke attracting more customers to stores and digital channels.
- Fiddelke, who took office in February, launched a $6 billion plan earlier this year to reverse sales slumps through store remodels, staffing improvements, and revitalizing the retailer's reputation for affordable, stylish merchandise.
- Net income reached $1.87 billion, bolstered by a $994 million tariff refund after the Supreme Court ruled the Trump administration had overstepped its authority. Comparable sales rose 3.8%, with digital sales up 8.7% and store sales up 2.7%.
- Sales increased across all six merchandising categories, led by double-digit growth in the 'Fun 101' division. New partnerships with fashion designer Isaac Mizrahi, LoveShack Fancy, and Hollister expanded apparel and home goods offerings.
- Target upgraded its annual sales outlook to 5% growth and reduced prices on more than 10,000 items over the past year. Chief Financial Officer Jim Lee said, "There's more to come even as we're facing headwinds overall.
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Target Corp shares rise 5% as sales rebound and profit doubles in Q2
Target shares jumped 5% after second-quarter sales rose 5.3%, comparable sales increased 3.8% and traffic climbed 3.6%. Digital sales grew 8.7%, while EPS doubled to $4.11, boosted by tariff refunds, with underlying earnings still rising 20%.
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A new look and fresh merch are winning customers back at Target as sales rebound
Target is reporting its second straight quarter of comparable sales gains, saying a merchandising overhaul under the discount retailer’s new CEO was attracting more customers.
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