The Q3 results of Target Corporation reflect continued, robust growth in both sales and profitability.
In the third quarter, the company’s comparable sales grew by 20.7 per cent, while comparable traffic rose by 4.5 per cent. The average ticket grew by 15.6 per cent.
Similarly store comparable sales also increased by 9.9 per cent.
Total revenue grew by 21.3 per cent year-over-year (Y-o-Y) to clock US $ 22.6 billion, driven by sales growth of 21.3 per cent and an 18.1 per cent increase in other revenue.
Accounting for 10.9 percentage points of its comparable sales growth, digital comparable sales for the company rose by 155 per cent.
Throughout the third quarter, the company continued to gain market share across all five of its core merchandising categories. Year-to-date, the company has gained more than US $ 6 billion in market share.
“Our strong results in 2020 reflect the benefits of our multi-year effort to build a durable and flexible model, with a differentiated assortment and a suite of industry-leading fulfillment options – all brought to life through the passion and effort of our team. As a result, we’ve seen a deepening level of engagement and trust from our guests. The result is unprecedented market share gains and historically strong sales growth, both in our stores and our digital channels,” said Brian Cornell, Chairman and CEO of the company.
With 1,900 stores, US-based Target Corporation sources apparels and home furnishing from many Indian companies.
