Target digital sales soar 102%, CEO expects 2021 to remain hot
Target saw 'notable market share gains' across its entire portfolio
The Leuthold Group chief investment strategist Jim Paulsen discusses consumer spending and the markets amid the coronavirus pandemic.
Target on Wednesday reported strong holiday sales as a surge of customers flocked to its stores and website during a holiday season set against the coronavirus pandemic.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TGT | TARGET CORP. | 156.00 | -0.57 | -0.36% |
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The big-box retailer reported that online sales surged 102% between November and December. During that same time, comparable sales rose 17.2%, Target said.
Even with restrictions meant to stem the spread of the virus keeping more weary shoppers out of stores more than ever, its customer traffic rose by 4.3% and the average ticket rose 12.3%.
Target store in New York on Aug. 17, 2020. (Jeenah Moon/Bloomberg via Getty Images)
“We’ve seen continued strong sales trends in the new year, and as we turn to our 2021 plans, our team is focused on continuing to build on the guest engagement and significant market share we gained throughout 2020," Target CEO Brian Cornell said.
Cornell said the company saw "notable market share gains across our entire product portfolio."
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In an effort to keep business momentum during the holiday season, the retailer began to roll out deals starting in early October. The move gave Target the opportunity to spread out traffic and offset the normal Black Friday rush. The company also issued deals online while offering more pick-up and delivery options.
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Target said its digital sales were primarily driven by the company’s same-day fulfillment services such as same-day store pick-up, drive-up and its delivery service Shipt, which were used to help customers reduce exposure to the virus. Together, the same-day services increased 193% during the November and December period, the company said.
The Associated Press contributed to this report.