Target raised its annual sales growth forecast for the first time in two years, but cautioned a tough macro environment ahead, as the retailer tries to turn itself around after an extended sales slump.
New CEO Michael Fiddelke, in his first earnings call since taking the top job from Brian Cornell in February, was pleased with the company's 5.6% sales growth this quarter, but said "we will not confuse this progress with potential." Target's shares initially rose before reversing course, and were down about 6% in early trading on Wednesday.
