Target Tempers Expectations After Best Sales Gain in Years

Target Corp.'s turnaround gained traction last quarter, but the retailer worried investors after striking a more cautious tone about the coming months. The company that has been struggling to revive growth after a pandemic-fueled boom showed Wednesday that it's making progress. Comparable sales jumped 5.6% last quarter, the biggest increase since the end of 2021 and triple the gain analysts were expecting. The chain also raised its annual revenue guidance by 2 percentage points to about 4%. Target is looking to win back increasingly selective shoppers amid resurgent concerns about inflation as the conflict in the Middle East boosts gas prices. Competitors such as Walmart Inc. and Costco Wholesale Corp. have been gaining market share with low prices, increased online options and expanded selections. For more on Target's results, we speak with Jennifer Bartashus, Senior Retail Staples Analyst for Bloomberg Intelligence.