Shares of Target (NYSE: TGT) stock gained 16% in July according to data provided by S&P Global Market Intelligence. Target was flying high throughout the pandemic, posting some of its best performance ever. Comps increased 3% over last year in the 2022 first quarter, but earnings per share declined from $4.20 last year to $2.17 this year.
History has shown that retail sales in the U.S. have stayed strong through adverse economic periods.
Target's (NYSE: TGT) stock declined about 30% this year as investors fretted over the retailer's slowing growth, declining operating margins, and rising inventory levels. The broader market sell-off -- driven by inflation, rising rates, and other macro headwinds -- exacerbated that pain.