New York —
American shoppers are brushing off higher gas prices and finally spending money at Target again.
Target’s comparable sales, which include both those at stores and online, grew 5.6% during its latest quarter — its best results in four years. The company raised its sales guidance for the year, signaling it believes customers will keep coming.
Target said Wednesday that its gains were spread evenly across income groups and merchandise, including nonessential categories like toys and beauty.
Target’s results were consistent with broader strength in the retail sector. Retail sales have climbed for three consecutive months, even in the face of rising energy costs. A healthy labor market and higher tax refunds have bolstered spending.
