Target Corp. has emerged as one of this year's hottest retail stocks, outperforming many staples and big-box peers. This rally comes as the company topped first quarter expectations under the leadership of new CEO Michael Fiddelke.
The company reported its best comparable sales growth in four years, marking the biggest increase for a widely watched measure of quarterly sales in that time. This progress follows a period where the retailer struggled with a sales slump and decreased customer traffic.
Under a turnaround plan led by Fiddelke, Target reports that more shoppers are gravitating toward its refreshed products and stores. Based on this momentum, the retail chain has raised its annual revenue outlook and expects the positive trend to continue for the rest of the year.