In the "Retail Ice Age," not-so-bad news qualifies as good news.
Target Corp. (NYSE: TGT) reported Tuesday that same-store sales fell 1.3% in the first quarter, and earnings fell 6% from a year ago.
That's not much to celebrate - and Target CEO Brian Cornell said he's "not doing any high fives" over it. But it beats expectations. Analysts forecast a 3.7% decline in sales and a 33% decline in earnings.
The better than expected numbers have given investors hope that Target's $7 billion investment to "adapt to... rapidly changing preferences" may be working.
Money Morning Chief Investment Strategist Keith Fitz-Gerald isn't buying the hype. Find out why he compares Target and other brick-and-mortar retailers to a flock of seagulls.
Up Next: Snap Inc. is the most dangerous IPO Keith has ever seen - the company lost a staggering $2.2 billion in its first 90 days as a public company. In truth, all IPOs are rigged against retail investors, but Keith has three tips to help you sidestep risk and even profit from new issues...
Follow Money Morning on Twitter and Facebook.
[mmpazkzone name="end-story-hostage" network="9794" site="307044" id="138536" type="4"]