In the “Retail Ice Age,” not-so-bad news qualifies as good news.
Target Corp. (NYSE: TGT) reported Tuesday that same-store sales fell 1.3% in the first quarter, and earnings fell 6% from a year ago.
That’s not much to celebrate – and Target CEO Brian Cornell said he’s “not doing any high fives” over it. But it beats expectations. Analysts forecast a 3.7% decline in sales and a 33% decline in earnings.
The better than expected numbers have given investors hope that Target’s $7 billion investment to “adapt to… rapidly changing preferences” may be working.
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Money Morning Chief Investment Strategist Keith Fitz-Gerald isn’t buying the hype. Find out why he compares Target and other brick-and-mortar retailers to a flock of seagulls.
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