Target, T.J. Maxx see sales gains as shoppers look for discounts

Target reported an 11.2% stock increase after lowering prices on essential items, reversing a sales decline streak. It also reported a 2% rise in same-store sales for the first time in a year.

Similarly, TJX, the parent company of T.J. Maxx, saw its stock rise 6.1%, reflecting continued sales growth.

Both retailers have raised profit forecasts for 2024.

In contrast, Macy’s saw its sales drop 3.8%, lowering its sales forecast. Shares for Macy’s dropped 14%, reflecting consumer focus on value.