After delivering its fourth consecutive same-store sales gain, a third straight quarter of higher traffic and its fourth earnings beat in as many quarters, the bull's-eye retailer is about to face its toughest comparisons since new CEO Brian Cornell took the helm.
Though Target impressed with 2.4 percent same-store sales growth in the fiscal second quarter, it was up against flat performance from the prior year. Similarly, its gains in the prior two quarters came atop declines in the corresponding year-earlier periods.
Now, as Target enters the second half of the year, it will be up against two quarters of positive comparisons, including a nearly 4 percent gain during the fourth quarter.
"They're moving in the right direction… but they still have more work to do," said Ken Perkins, president of Retail Metrics.
Cornell, who just last week marked his one-year anniversary at the big-box retailer, told investors that while the Minneapolis-based company is "pleased" with its traction, "we have much more to accomplish."