Target doubles annual sales growth forecast as turnaround starts to pay off - BNN Bloomberg

Target on Wednesday raised its annual sales growth forecast for the first time in two years, in a sign that new CEO Michael Fiddelke’s investment-heavy turnaround strategy is starting to pay off. The retailer struggled with three straight years of declining revenue as cost-conscious shoppers moved to cheaper options, while its merchandise failed to attract higher-income shoppers looking for nice-to-have apparel and home decor. Fiddelke took over the top job in February from Brian Cornell and his plan to revive sales included spending an extra US$2 billion this year to ensure well-stocked merch…