Target Inc.’s (NYSE:TGT) has problems any business person would love. The goliath retailer’s entire website crashed on Tuesday shortly after the retailer launched the online sale of its limited offerings of Missoni. Don’t know Missoni? Apparently millions of others do. And they love the partnership with the Italian luxury knitwear designer.
Target’s shares are up to $51.76 — 1.59% — after yesterday’s rush of customers. This represents a P/E ratio of about 12 which is in lower than its industry. The company also trades at a sales multiple of 0.5 which is inline with industry rivals. On the technical front shares trade above their rising 50 day and declining 200 day moving averages.
The news is great for Target. This morning the Department of Commerce said U.S. retail sales remained flat in August as a battle over spending in Congress pushed down consumer confidence to its lowest level in three years. Tell that to Missoni lovers.