Blowout quarters from US retailers Target and Lowe’s sent their share prices up sharply in pre-market trading as Americans continue to spend despite the gloom hanging over the global economy. Shares in big-box retailer Target were up 15 per cent ahead of the Wall Street open, while home improvement chain Lowe’s added 12 per cent as both posted stronger-than-expected sales growth during the second quarter. amid pressure from rising costs, reported same-store sales rose 2.3 per cent, ahead of estimates of 1.7 per cent. Target, meanwhile, said sales at established stores were up 3.4 per cent, topping forecasts for a 3 per cent advance in this closely watched like-for-like measure.
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