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Target (NYSE: TGT) posted same-store sales growth of 3.8% year-over-year and a 5.3% lift in total top-line revenue for the quarter ending in early August, its second consecutive strong print after a long string of disappointments.
The turnaround case has graduated from promising to credible. The valuation is a different conversation. The mechanism behind the improvement is specific enough to take seriously.
Foot traffic rose 3.6% in the period, and traffic, more than any other metric, is the one that validates a brick-and-mortar recovery.
CEO Michael Fiddelke, who took the helm in August of last year after two decades inside the company, unveiled a turnaround plan in March that addressed store staffing levels and merchandise assortment, with the latter now informed by artificial intelligence.
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