Black Friday News

Target Corp. has raised its sales guidance for the fiscal fourth quarter after reporting better-than-expected holiday sales, driven by strong demand for apparel and toys. The retailer now anticipates comparable sales growth of about 1.5%, up from an earlier view that sales would be flat. Despite the sales increase, Target did not adjust its profit outlook, indicating that deals and promotional events were key motivators for shoppers. The company's total sales in November and December increased by 2.8% year over year, with comparable sales rising by 2% and digital sales growing nearly 9%. Target also experienced a significant sales acceleration in discretionary categories like apparel and toys during the holiday season compared to the third quarter. Additionally, the company announced changes to its leadership team, including the retirement of Chief Stores Officer Mark Schindele and Chief Information Officer Brett Craig, effective early February. Target's subscription service, Target Circle 360, contributed to a more than 30% year-over-year increase in same-day deliveries, and sales through its third-party marketplace, Target Plus, grew nearly 50%. Record-high sales were recorded during both Black Friday and Cyber Monday.