It Was A VERY Merry Christmas For One Minnesota Business
Minneapolis (KROC AM News) - The positive economic ride continues for one of Minnesota’s best-known companies.
Target is reporting huge numbers from its holiday sales season during November and December. Target says its same-store sales rose more than 17-percent during the period. Online activity was extremely high as comparable digital sales increased by 102%.
Brian Cornell, Chairman and Chief Executive Officer of Target Corporation, said:
“The momentum in our business continued in the holiday season with notable market share gains across our entire product portfolio. We’re very pleased with our results, and the strength of our performance is a reflection of the tireless work of our team to support our guests through a safe, convenient and inspirational experience. Throughout the holidays, we delivered joy for holiday shoppers while focusing on safety—adjusting promotions to reduce crowding while delivering easy, contactless fulfillment options through Drive Up and Shipt.
“We’ve seen continued strong sales trends in the new year, and as we turn to our 2021 plans, our team is focused on continuing to build on the guest engagement and significant market share we gained throughout 2020.”
Same Day Services and Stores as Hubs
Comparable digital sales growth was driven primarily by the Company’s same-day fulfillment services (Order Pick Up, Drive Up and Shipt), which together grew 193 percent. Of the services, Drive Up grew the fastest at more than 500 percent, while Target’s sales fulfilled by Shipt grew more than 300 percent.
Between store-originated sales, same-day services and the Company’s ship-from-store capability, approximately 95 percent of Target’s sales in the November/December period were fulfilled by its stores.
Target’s stock prices have reflected the company’s strong showing during the past year. After falling to $90 per share on April 3 as the pandemic was beginning and markets tanked, it has rebounded to just under $200 at the close of trading on Tuesday.
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