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Target Corp shares bolstered on first quarter beat

The figures showed that the group's turnaround strategy, was taking affect.
Target Corp shares bolstered on first quarter beat
Target shares raced up in early deals in New York

Target Corporation (NYSE:TGT) added 2.81% in New York but were over 8%  higher earlier, as its first quarter earnings cruised past expectations.

The discount retailing giant posted  $1.21 per share in the first quarter on revenue of $16.02bn against analysts' forecasts of  $0.91 per share on revenue of $15.62 billion.

The figures showed that the group's turnaround strategy, including revamping stores and increased promotions, was taking affect.

Like in the UK, a price price war among US big retailers is intensifying, and firms are constantly seeking ways to improve margins.

Notably, Target's digital sales rose 22% in the three months, compared to a year ago and accounted for 4.3% of total sales and increased 22%, up from 3.5 percent a year ago.

The digital channel contributed 0.8 percent to comparable sales in the quarter.

Shares are up almost 3% to $56.06 at the time of writing.

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