Target sales increase

Target has reported its first increase in comparable sales in over a year, with a 2% rise in second-quarter sales driven by price cuts that attracted budget-conscious consumers. The retailer's total revenue reached $25.5 billion, with net earnings up 42.7% year-over-year at $1.2 billion, exceeding Wall Street expectations. Target's CEO, Brian Cornell, highlighted the resilience of consumers amidst high inflation, noting that shoppers are seeking both value and new products. The company has adjusted its annual profit forecast upward, projecting earnings per share to be between $9.00 and $9.70, reflecting a strong recovery in customer traffic and sales performance across various categories. Additionally, Target has introduced many price reductions on essential items and launched a paid membership program, Target Circle 360, to enhance customer engagement. The positive sales momentum is expected to continue as consumers remain focused on low-priced groceries and essentials.