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Target sales rise on boots beer but earnings dip
Target posted growing sales from boots beer and groceries as shoppers increased 3.7 percent in the quarter ended May 5, with same-store sales up 3 percent. Despite stronger food and beverage results and 28 percent digital growth, adjusted earnings at 1.32 a share missed estimates by seven cents, sending shares down about 5.7 percent to 71.14. Analysts cite price cuts to combat Walmart and Amazon as profit margin pressures loom.
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