Target is beating Wal-Mart in the race to beef-up sales.
Target Corp. on Wednesday reported a nearly 52% surge in its first-quarter profit on strong sales of more profitable items like fashion and baby products, evidence that its efforts to turn around its business are paying off.
The results handily beat Wall Street expectations on all fronts, and the Minneapolis-based retailer boosted the bottom end of its annual profit outlook.
That's in contrast with rival Wal-Mart, which missed Wall Street estimates with its earnings report a day earlier. It showed a 7% decline in first-quarter profit, dragged down by its recent moves to raise wages for hourly workers and increase spending in its online operations.
Target is beating Wal-Mart in the race to get customers back