Target’s strategy to slash prices spurring comeback in sales

(CNN)– Target has snapped a losing streak. Sales rose for the first time in a year, increasing 2% last quarter.

Profit also boomed 36%. Target attributes the boost to price cuts.

Earlier this year, the company slashed prices on five thousand frequently bought items.

It appears to have drawn in customers, foot traffic increased 3% during the quarter.

Still Target expects customers to spend carefully and signaled a cautious outlook for the rest of the year.