smashes profit expectations as e-commerce improves
MINNEAPOLIS — Target Corp.
said its profit jumped 9% in the latest quarter, smashing
expectations as its investments to make digital shopping easier and
more convenient paid off. Sales at comparable stores and through
digital orders from its website and mobile applications grew 4.8%.
Digital sales accounted for a hefty 44% of sales growth — half of
which came from shoppers who picked up their online orders at stores
that day or who used the retailer’s same-day home delivery service,
The Minneapolis-based company said it earned $1.14 billion in the
three months ending May 4, the first quarter of its fiscal year.
That amounted to $1.53 a share, well above the expectation of $1.43
of analysts surveyed by Refinitiv.
Revenue grew 5% to $17.6 billion which was slightly above analysts’
The retailer credited continuing investments in store remodels and
its ability to quickly fill ecommerce orders with rising traffic.