Target Corp. reported a blockbuster quarter that easily outpaced Street estimates as the discounter continues to leverage and benefit from pandemic-related shopping trends.
Target said it gained market share throughout the third quarter across all five of its core categories. The Electronics sector saw a rise more than 50 per cent, whilst home-related items saw comp growth in the mid-20 per cent range and apparel increased by nearly 10 per cent. Essentials & beauty and food & beverage were up in the high teens.
Year to date, Target, which last week announced plans to open hundreds of in-store Ulta Beauty shops, said it has gained more than $6bn in market share, with $1bn in share gains coming during the latest quarter. (Target said it measured the gains with third-party and internal research.)
On the company’s earnings call, Chairman and CEO Brian Cornell wouldn’t say which retailers are losing market share to Target. “It has been broad based…We’re picking up share from our traditional competitors as well as specialty competitors,” Cornell told analysts.
