Target beats Wall Street estimates, hikes sales outlook as shoppers start to return

Key points

• Target on Wednesday posted earnings and revenue that beat Wall Street expectations, and reported that net sales grew more than 6% year over year as the retailer tries to win back customers amid slumping sales.
• Target's same-store sales jumped 5.6%, its first positive same-store sales number in five quarters.
• The retailer said it saw broad-based strength across its categories, with traffic across stores and digital platforms growing 4.4% compared with the first fiscal quarter last year.
• Digital comparable sales increased 8.9%, growth the company attributed to same-day delivery through its membership, Target Circle 360. "Even with this early progress, we know our work is just beginning, and we have confidence we're on the right path because guests are responding in areas where we are leaning in and driving change," CEO Michael Fiddelke said on a call with reporters.
• "These are areas where we bring style, design, and value to not...