THE WHAT? Target has announced its results for the second quarter of fiscal 2020, and let’s just say it’s a bit of an anomaly as 2020 results go. Comparable sales swelled 24.3 percent – the company’s strongest ever quarter – with store comparable sales rising 10.9 percent and digital comparable sales up 195 percent.
THE DETAILS The company saw unusually strong market share gains across all five of its core merchandise categories, gaining approximately US$5 billion in market share over the first half.
THE WHY? “Our second quarter comparable sales growth of 24.3 percent is the strongest we have ever reported, which is a true testament to the resilience of our team and the durability of our business model. Our stores were the key to this unprecedented growth, with in-store comp sales growing 10.9 percent and stores enabling more than three-quarters of Target’s digital sales, which rose nearly 200 percent. We also generated outstanding profitability in the quarter, even as we made significant investments in pay and benefits for our team,” said Brian Cornell, Chairman and Chief Executive Officer of Target Corporation.