Target Corporation Sent Retail Stocks Flying Today -- Here's What You Need to Know

Target Corporation Sent Retail Stocks Flying Today -- Here's What You Need to Know

Retail stocks soared today as Target Corporation (NYSE: TGT) lifted its second-quarter guidance, a rare bout of good news for the struggling sector. The update pushed Target shares as high as 5.6% and they closed up 4.8%. Meanwhile, Gap Inc (NYSE: GPS) finished up 5.6%, Macy's Inc (NYSE: M) closed 4.1% higher, Urban Outfitters, Inc. (NASDAQ: URBN) gained 5%, and Kohl's Corporation (NYSE: KSS) tacked on 4.8%.

Image source: Target.

Target said it expected a modest increase in second-quarter comparable sales and for earnings per share to come in higher than the company's previous guidance of $0.95-$1.15. The same-store sales increase would mark Target's first in five quarters, and comes as the company has recommitted to lower prices to win back market share in much the way Wal-Mart said it would do two years ago.

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Source: Fool.com