August 19, 2020
Target Corp. Aug. 19 reported record second-quarter (ended Aug. 1) sales, up 24.3% to $22.9 billion from $18.4 billion during the previous-year period. Net income ballooned 80% to $1.7 billion from $938 million last year.
The Minneapolis-based retailer attributed the fiscal rise to continuation of heightened sales volume and significant household investments in response to the COVID-19 pandemic.
Target, along with Walmart and Best Buy, is one of the largest sellers of packaged media, including DVD, Blu-ray Disc and 4K UHD Blu-ray. While online sales grew 195% in the quarter, in-store sales drove nearly 90% of the company’s quarterly revenue.
“Our stores were the key to this unprecedented growth, with in-store comp sales growing 10.9% and stores enabling more than three-quarters of Target’s digital sales,” CEO Brian Cornell said in a statement. “We remain steadfast in our focus on investing in a safe and convenient shopping experience for our guests, and their trust has resulted in market share gains of $5 billion in the first six months of the year. We are well-equipped to navigate the ongoing challenges of the pandemic, and continue to grow profitably in the years ahead.”
Target operates nearly 1,900 stores nationwide, in addition to Target.com.