Target hits record high ahead of holiday shopping season
Target Corp. is bursting into the holiday shopping season this year, touting strong third-quarter earnings as it pushes faster delivery and invests in stores and on new fashion brands.
While Target is boosting sales, department stores are struggling to attract shoppers. Kohl’s Corp. has cut its profit outlook for the year after a disappointing third quarter dragged down by poor women’s clothing sales. J.C. Penney Co.’s latest report showed its continued malaise in clothing. Macy’s Inc. and Nordstrom Inc. report Thursday.“Everyone is chasing the same stuff, and it’s not working,” said Stacey Widlitz, president of SW Retail Advisors.
Target is demonstrating how an intense focus on low prices and customer convenience can put traditional retailers on a competitive footing with Amazon.com Inc., which has upended the retail sector. Last week, Walmart Inc. raised its annual profit expectations after reporting strong third-quarter results helped by its grocery business.Still, the holiday shopping season — the shortest one since 2013 — is expected to be brutally competitive.
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