US-based retailer Target Corporation, which has nearly 1,900 stores, announced its first-quarter 2020 results that reflect the impact of rapidly evolving shopping patterns and significant investments in response to the COVID-19 pandemic.
As customers made fewer but bigger shopping trips, Target’s comparable sales grew by 10.8 per cent, while store comparable sales increased by 0.9 per cent.
On the other hand, there was a huge jump in digital comparable sales, which grew by 141 per cent. Digital comparable sales accelerated every month in the quarter, from 33 per cent in February to 282 per cent in April.
Its total revenue of US $ 19.6 billion grew 11.3 per cent compared with last year. The retailer saw healthy market-share gains across all five of its core merchandise categories.
Brian Cornell, Chairman and CEO of the company, commented “With the dedication of our team, the benefit of a sustainable business model and a strong balance sheet, we are confident Target will emerge from this crisis as an even stronger retailer, with higher affinity and trust from our customers.”
Target Corp.’s positive results are a good sign for Indian home furnishing manufacturers as there are many companies in India, which are supplying textile products (soft goods) to the retailer.