Target's stock climbs after holiday-period sales growth accelerates, CFO to retire
Shares of Target Corp. rallied 1% in premarket trade Thursday, after the discount retailer holiday-period same-store sales growth that accelerated from a year ago. For the November-December period, same-store sales increased 5.7% from a year ago, with growth driven primarily by traffic and a small increase in the average ticket, compared with 3.4% in the same period last year. All of the core merchandise categories posted growth, led by toys, baby and seasonal gifts. The company affirmed its fourth-quarter same-store sales outlook of a 5% increase and its full fiscal year adjusted earnings per share outlook of $5.30 to $5.50. Separately, the company said Chief Financial Officer Cathy Smith will retire, when a successor is named. Smith joined Target as CFO in 2015. The stock has tumbled 17.5% over the past three months, while the SPDR S&P Retail ETF has lost 6.1% and the S&P 500 has declined 6.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.