Target has reported that they have beaten estimates for the fiscal first-quarter, which ended in May. Analysts predicted $19.04 billion in revenue, however the ‘target’ was succeeded and $19.62 billion was achieved in revenue.
Target saw sales digitally spike a record 141% during the quarter as a vast majority of the US was under lockdown to slow the spread of the coronavirus. The top categories were electronic sales, which were up by 45%, both food and beverage and household essentials climbed by 20% in the month of April.
“I think we’ve got a lot to be proud of, a lot of momentum. We’re building market share and I think most importantly, Jim, we built trust with American consumers during the pandemic, and the investments we made in our team, the investments we made in safety, those are going to pay dividends for years.” – Brian Cornell, CEO