Target Shares Jump 17% as Earnings Top Estimates Despite Slowing Sales
- Target stock surges 17% after beating Wall Street earnings expectations
- Sales were down 4.3% but beat estimates, gross margin beat at 27.4%
- CEO notes consumers are cautious amid inflation, debt, reduced savings
- Comparable sales fell 4.9% with both digital and in-store down
- Inventory dropped 14% led by 19% reduction in discretionary categories