Target Corp forecast 2019 profit above Wall Street estimates on Tuesday as strong online sales and higher footfall at stores drove better-than-expected holiday sales. The company’s comparable online sales grew 31% in the quarter. In-store traffic grew 4.5% in the quarter.
Target’s comparable sales, that include both in-store and digital sales, rose 5.3%, beating analysts estimate of 5.08%, according to IBES data from Refinitiv. Online contributed 2.4 percentage points to these sales, while the retailer also recorded market share gains across all five of its core merchandise categories that include home and apparel.
