Target Plans to Spend Big on Store Redesign -- Consumer Roundup

Consumer shares retreated as investors shied away from cyclicals amid political and stock-market volatility.

Target rose after the retailer said it would invest billions of dollars on redesigning stores, launching exclusive store brands and lowering prices, acknowledging the urgency of turnaround efforts after the latest decline in quarterly sales.

Shares of TJX Cos. rose after one report said a selloff in shares following its earnings was overdone. "Significant global growth potential, a world class off-price buying organization, and secular tailwinds position TJX as a core long-term holding," Morgan Stanley analysts wrote in a research note.

Urban Outfitters fell after the apparel retailer posted a drop in same-store sales, echoing the plight of many brick-and-mortar chains.

-By Rob Curran,

(END) Dow Jones Newswires

May 17, 2017 17:40 ET (21:40 GMT)