Michael Fiddelke’s plan to return Target Corp. to its glory days is off to a running start with an unexpectedly strong first-quarter sales gain.
Fiddelke, a veteran of the retailer who became chief executive officer in February, has been emphasizing style and design in an effort to not just keep the registers clicking, but to leave shoppers with a sense of “delight.”
While that drive started to take shape last year, when he was still chief operating officer, it took off during the quarter ended May 2 — a tough period for consumers, when the war in Iran pushed gas prices higher and stoked uncertainty.
First-quarter sales increased 6.7 percent to $23.4 billion, well ahead of the 3.4 percent increase analysts had figured on, according to Yahoo Finance. All six of the company’s core merchandising categories grew and comparable sales rose 5.6 percent.
Net income fell 24.6 percent to $781 million. But earnings per diluted share came in at $1.71 — 25 cents above the $1.46 analysts forecast.
