Target raises full-year profit forecast; shares rise
) signaled a strong start to the holiday season and raised its full-year earnings forecast on Wednesday, betting on its aggressive push into faster delivery and investments in store revamps, sending its shares up 13%.
“Apparel saw the most dramatic share gains in the quarter,” Chief Executive Officer Brian Cornell said. Comparable sales from the business jumped 10%. “We’re very excited about the opportunity this holiday season with the growth we’ve seen and the growth that’s in front of us from a same-day perspective,” Chief Operating Officer John Mulligan told analysts on a post-earnings call.
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