Target raised its full-year sales growth forecast to about 4% from roughly 2% after first-quarter net sales rose 6.7% to $25,443 million and comparable sales increased 5.6%, reversing a prior-year decline. Comparable traffic grew 4.4%, with store-originated comparable sales up 4.7% and digital comparable sales up 8.9%, including more than 27% growth in same-day delivery powered by Target Circle 360. Sales improved across all six core merchandise categories, and management said the company gained or held share in the significant majority of divisions and across income brackets. The stronger top-line trajectory prompted the guidance increase, though management cautioned that the first quarter benefited from the easiest comparison of the year and that tougher comparisons and an uncertain consumer backdrop could moderate growth.
Target CorporationFirst-quarter sales and traffic accelerated across all categories, prompting raised full-year outlook
Costco Wholesale Corp
Walmart Inc.