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Target boosts US retail sentiment - off a low bar though

CONSUMER CYCLICALS

Target up +14% in pre-market. Not a local issuer (A-Grade $) but is a top 10 US retailer. It's beaten a low bar and reversed a 4-qtr streak of falling sales to report growth of +2% in the 3m to July. That was from +3% in traffic while avg. ticket size declined -0.9%. Digital was strong +9% and "discretionary sales trends continued to improve meaningfully, with Apparel comparable sales growing more than 3 percent in the quarter.". It's operating at a 6.4% margin for reference.


It's kept 3Q & FY guidance at mute +0-2% comparable sales growth and says increase will "more likely be in lower half of that range".

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