Tuesday, February 23, 2010

Insecure Consumers Eclipse Target's Triumph

Forbes

In spite of earnings beat, retailer slides on dismal consumer outlook.

The brisk pace of holiday shopping at Target helped the retailer clear inventory and boost profits in the most recent quarter.
According to Brian Sozzi, an analyst with Wall Street Strategies, Target's latest quarter was boosted by sales of discretionary items like home furnishings and apparel, while clothing sales at Wal-Mart were flat.

The earnings beat underwhelmed investors, as shares of Target dipped 29 cents, or 0.6%, to $50.35 as news on consumer confidence's latest tumble outweighed the decent quarter.

Link to full article: http://www.forbes.com/2010/02/23/target-consumer-confidence-markets-equities-economy.html