Target’s U.S. business exceeds expectations

Overshadowed by Target’s bombshell announcement to exit Canada, the retailer said U.S. sales – and profits – were much better than expected during the holidays.

The favorable combination of increased traffic and stronger than expected digital sales enabled the company to produce a 3% same store sales increase during November and December versus an earlier forecast which called for 2% growth.

The company didn’t offer further details on performance by merchandise category or general trends, but did say fourth quarter earnings per share from continuing operations would range from $1.43 to $1.47. That’s six cents better than the company’s original forecast for the performance of its U.S. business segment.

Source: Reatailing Today