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"We faced challenges throughout November and December in key seasonal merchandise categories," said Brian Cornell, CEO of Target.
The S&P 500 also notched a record high, while the Dow Jones Industrial Average jumped as much as 1% before falling below its Tuesday highs.
Bank of America projects a slowdown in holiday spending this year — and singles out 3 retailers that could outperform the trend
The bank picked Aaron's, Burlington, and Target to outperform, citing their multifaceted strategies, inventory preparedness and strong traffic.
Nordstrom's disappointing holiday sales results indicated a big inventory problem ahead, an analyst says.
Apparel sales grew by 7.9% between November 1 and December 24, the best growth rate since 2010.
Amazon said Wednesday in a release that it saw "record-breaking" sales during the holiday season, making it its biggest yet.
Amazon was up as much as 2.07% to $1,362.90 a share early Wednesday after the company announced a 'record-breaking' holiday season.
Despite its competitors' best efforts, the data shows that Amazon is still the online king.
Target's stock rose in pre-market trading after it posted a better-than-expected holiday sales report in November and December.