Target, the American retail stalwart, has just witnessed a strong Q4 and a strong 2020.
The retail giant has recorded a whopping sales growth of US $ 15 billion in 2020, which is its best performance in last 11 years.
While stating the same in its press release, the retailer said that its total net sales in 2020 touched US $ 92.4 billion, with comparable sales for the year growing by 19.3 per cent.
Q4, in particular, was equally impressive with revenue jumping by 21.1 year-on-year (Y-o-Y) to clock US $ 28.3 billion. The comparable sales too grew by 20.5 per cent during the quarter.
The holiday sales were instrumental in the impressive Q4 numbers – especially online. The digital comps in Q4 jumped by 118 per cent.
The overall digital sales rose by almost US $ 10 billion in 2020, owing majorly to a 235 per cent jump in Target’s same-day services.
Going forward, Target, as per media reports, also said that it plans to invest US $ 4 billion every year to start new stores and update the existing ones – in addition to improving on the digital front.
While every retailer struggled during the pandemic across the globe, Target, reportedly, saw its market share go up by US $ 9 billion as shoppers preferred shopping everything at one destination.
Though Target did not provide guidance for 2021, experts believe that the retailer has strengthened its foundation so much that it will continue to excel irrespective of the environment.
