Target, buoyed by a surge of shoppers ordering online, reported a steep uptick in digital sales in the last quarter.
Online sales were up 20% in the three-month period that ended Feb. 1, as shoppers took advantage of options including picking up online purchases at a nearby store, or having their packages dropped off by Target’s Shipt delivery service.
“With eleven consecutive quarters of positive comparable sales growth, driven by healthy performance in both our stores and digital channels, Target’s results demonstrate that we’ve built a sustainable business model that drives strong top line growth and consistent bottom line performance,” Brian Cornell, Target’s chairman and CEO said in a statement.
Sales at stores open a year ticked up a slight 1.5% as compared to the same three-month period in 2019.
Target became the latest business to cancel an in-person event because of worries about the coronavirus. The retailer decided to hold its investors meeting, previously scheduled to take place in New York City Tuesday, remotely instead.
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“Given the rapidly evolving situation regarding the coronavirus, the Target leadership team has decided to cancel the in-person aspect of Tuesday’s financial community meeting,’’ the company said in a statement Monday. “Instead, we will conduct the meeting remotely from Minneapolis.’’
Target shares were down 1.15% before the market opened Tuesday to $107.91.
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