Target Corporation had a record-breaking first quarter as shoppers flocked to its stores and sales of its owned-brands reached an all-time high.
“Our performance in the first quarter was outstanding on every measure, and showcased the power of putting our stores at the centre of our strategy,” stated Chairman and CEO Brian Cornell. “Importantly, market-share gains of more than $1bn in the first quarter, on top of $1bn in share gains a year ago, demonstrate Target’s continued relevance with our guests, even as they have many more shopping options compared with a year ago.”
Target is on track to open more than 30 stores this year. It has more than 30 full remodels slated for completion in the second quarter and more than 100 planned for the back half of the year.
The discounter’s net income jumped to $2.097bn, or $4.17 per share, from $284M, or $0.56 per share, in the year-ago period. Excluding items, the retailer earned an all-time high of $3.69 per share, blowing past the $2.21 per share expected by analysts.
Sales rose 23 per cent to $23.88bn, also ahead of estimates. Comparable-sales rose 22.9 per cent with stores up 18 per cent and digital comp sales up 50 per cent. Basket size grew by five per cent. Target said its owned brands experienced a record 36 per cent sales growth.
