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Key Takeaways
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Target said Thursday that its holiday sales exceeded expectations, leading the retailer to lift its fourth-quarter comparable sales growth projections.
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The retailer said it had record sales during its Black Friday and Cyber Monday promotional events, with in-store and digital traffic up year-over-year.
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Target also announced several executive changes Thursday as a pair of its longtime executives announced plans to retire.
Target (TGT) on Thursday lifted its projection for comparable store sales growth in the fourth quarter on the back of a stronger-than-expected holiday shopping season.
The retailer expects comparable sales to be up 1.5% in the fourth quarter compared to the same time a year ago, up from the previous projection of flat comparable sales that Target gave in its third-quarter earnings report.
Comp Sales Up in November, December as Black Friday Sets Records
Target saw comparable sales rise 2% in November and December, with a 3% bump in traffic across its stores and website, and record sales numbers during the Black Friday and Cyber Monday sales events.
Despite the lifted comp sales projection, Target kept its previous projected earnings per share (EPS) ranges at the same level. Comparing the holiday shopping data to its disappointing third-quarter results, Target said it has seen "meaningful acceleration" in some discretionary categories like apparel and toys.
Along with the sales projection update, Target also announced a number of changes at the executive level including the retirements of chief stores officer Mark Schindele and chief information officer Brett Craig.
Target shares were down about 1% in premarket trading Thursday, down just over 5% from the same time last year.
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