Target Boosts Holiday Sales During Covid-19 Pandemic

Target.

TGT 1.96%.

announced Wednesday that sales during the winter holidays increased significantly as more customers purchased items online. This follows a string of good results for the retailer during the Covid 19 pandemic.

Comparable sales – in stores or digital chains that have been in operation for at least 12 months – were up 17% in November and December compared to the same period last year. In-store sales rose 4.2%, while digital sales more than doubled during the period, driven by same-day pickup and delivery orders online, the company said.

The momentum of our business continued over the Christmas period, with a significant increase in market share across our product portfolio, said the company’s CEO.

Brian Cornell.

said the statement. In recent years, TARGET has invested heavily in the development of its online business, mainly by taking online orders on store shelves. About 95% of TARGET’s total sales during this period came from its stores, the company said.

The momentum of our business continued over the year-end holidays with a significant increase in the market share of our product portfolio.
”

– Executive Director Brian Cornell

Retailers report mixed results for the holidays. TARGET and the other major retailers generally performed well during the pandemic. Most of the best are retailers that stayed open during early closings or sold groceries, household items or other products that were increasingly in demand as customers stayed home. Many of the most successful companies had strong e-commerce operations before the pandemic and are now reaping the benefits as the number of online stores increases.

Early this week.

Lululemon Athletica Inc.

has raised its fourth-quarter financial forecast after a period of intense holiday shopping, with more customers buying sports equipment and comfortable clothing.

Bed Bath & Beyond Inc.

Comparable sales increased 2% in the three months ended June 28 compared to the same period last year, with an increase in online sales and a decrease in in-store sales.

A clearer picture of the holiday season will emerge on Friday when U.S. retail sales are released in December.

How will the pandemic affect U.S. retail? As states across the country strive to revive commerce, WSJ examines retail trends and how consumers can shop in a post-pandemic world.

Also on Wednesday, TARGET said it would close its stores on Thanksgiving Day, after a revised calendar for 2020 proved effective, a company spokesman said. Customers and staff appreciated the change, so it will be repeated this year, the spokesperson added. Most retailers closed their stores on Thanksgiving.

Many retailers started the current Christmas shopping season in the first week of October, with more offers to ease store congestion and reduce pressure on e-commerce supply chains.

Write to Sarah Nassauer at [email protected].

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