Target Sales Increase as Shoppers Return to Stores
Target Corp. reported increased revenue in the second quarter as more people returned to stores and online spending moderated compared with last summer, when the Covid-19 pandemic upended shopping habits.
The retailer said comparable sales, which include in-store and online purchases, for the quarter rose 8.9% from a year earlier, when they jumped 24.3% because people stocked up on groceries and because many other retail chains were temporarily closed.
Most of the growth in the latest quarter was driven by purchases of apparel, food and other items at the chain’s stores. Foot traffic rose 12.7% for the quarter. Digital sales increased 10%, after nearly tripling in the second quarter of 2020.
“We believe that America still embraces stores, and the traffic we’re seeing tells us that stores continue to play a very important role,” Chief Executive Brian Cornell said on a conference call.
The report comes a day after larger rival Walmart Inc. reported strong in-store sales and foot traffic. Results from both chains—which sell groceries, added curbside services and stayed open throughout the pandemic—showed little impact from the recent rise in Covid-19 cases in the U.S.
