The results put Target on track to have its best full year of sales growth in 13 years, the company said.
Target Corp.’s comparable sales soared 5.7 percent in November and December compared with last year, the retailer said Thursday, a surge that outpaced many of its rivals and fueled what is likely to be the retailer’s biggest improvement in full-year sales since 2005.
Target sales rose 5.7% between Nov. 4 and Jan. 5 in stores and through company websites operating for at least 12 months, the company said Thursday.
U.S. stock futures were lower this morning even after the Dow, S&P 500 and Nasdaq notched their fourth positive straight sessions Wednesday.
Many of the nation’s major retailers are announcing holiday results this week in what has long been forecast as a bumper year of sales growth for retailers in position to handle the demands of online shoppers and high expectations of low-cost delivery.
Department stores fell sharply following reports of weaker-than-expected sales prior to the holidays. Target, however, bucked the trend.
In a holiday season filled with high expectations for the nation’s retailers, Target’s bets on free shipping and a growing list of shopping options paid off.
(CNBC) There are no major economic data reports today but investors may turn their attention to a Q&A session with Federal Reserve Chairman Jerome Powell and Economic Club of Washington President David Rubenstein this afternoon.
The three major averages are all up more than 9 percent since the close on Christmas Eve washout.
(CNBC) * European stocks drop (CNBC) * Asia markets mostly lower (CNBC) Target (TGT) said today its same-store sales climbed 5.7 percent during this past holiday season, topping growth of 3.4 percent a year ago and surpassing some analysts' expectations.
Sales rose 3.4% during the same period last year.
Target posts strong holiday sales, maintains outlook
In 2017, Target’s November-December sales were up 3.4 percent, giving it a healthy two-year upswing of 9 percent.
Target’s strong holiday sales bolster hopes that this will be America’s best shopping season in more than a decade
Another measure, the weekly Redbook Index, showed retailers gained at least 6.1 percent over last year’s holiday season.
Holiday sales rose at Target Corp. and Costco Wholesale Corp., an early sign that many retailers benefited from what was expected to be one of the strongest holiday shopping seasons in years.