Target cut prices on 5,000 products. Now it's back with a big earnings beat.

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Target News

Brian Cornell,Walmart

Target shredded Wall Street profit forecasts by $0.39 on Wednesday on the back of renewed traffic to stores.

on milk, meat, and bread in this inflation-battered economy, and the consumer is going to notice while wandering the supermarket aisles.

As Target CEO Brian Cornell tells it, the retailer's comeback quarter reflects a steady dose of price cuts this summer on 5,000 daily essentials — items where Target was losing market share to rival Walmart , vs. estimates for $9.22.Target’s comparable sales rose for the first time in a year as grocery aisle deals for cash-strapped customers began to pay off.

 

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