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US retailer Target said on Wednesday that robust online sales during the holiday season had resulted in a 17.2% rise in comparable sales for the company compared to the previous year, despite the challenges of the pandemic.
Target, founded in 1946, has been investing heavily in its online business during the COVID-19 pandemic. Digital sales more than doubled over the holidays as customers shopped across all its major categories including home goods, electronics and apparel, according to a press release released Wednesday.
Store traffic increased 4.3% in the November-December period compared to 2019, Target said, adding that sales trends for January were strong. Store-originated comparable sales grew 4.2%, while comparable digital sales grew 102%.
The Minneapolis-based retailer said that home goods were the most popular over the holidays, with a comparable sales increase in the low-20% range.
Comparable sales in electronics grew in the mid-20% range, while food and beverage was in line with the company average. In beauty and essentials, comparable sales grew in the low teens and apparel sales growth fell in the high-single digit range, Target said.
Brian Cornell, chairman and CEO of Target Corporation, said: “The momentum in our business continued in the holiday season with notable market share gains across our entire product portfolio.
“We’re very pleased with our results, and the strength of our performance is a reflection of the tireless work of our team to support our guests through a safe, convenient and inspirational experience.”
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Source:: Business Insider