- US retail giant Target has reported another quarter of declining sales and profits, struggling with customers facing widespread price increases.
- Despite this, the company offered a robust annual profit outlook that surpassed Wall Street's projections, causing its shares to surge by over 4 per cent.
- Target expects net sales to grow every quarter this year, alongside an increase in comparable-store sales at the start of the current quarter.
- For the three months ending 31 January, Target earned $2.30 per share on sales of $30.45 billion, a decrease from the previous year, with comparable sales falling 2.5 per cent.
- New CEO Michael Fiddelke, who took over last month, faces challenges including customer dissatisfaction and competition, but has already reshuffled leadership and boosted in-store staffing.
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