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Target's quarterly sales rise 23% as people return to shop

 

BRIAN PETERSON, Star Tribune

Target saw quarterly revenue grow more than 23% to $24.2 billion, and comparable sales grew nearly 23%, with digital sales still going strong with sales growth of 50%, the company said.

Target shoppers eager to venture out of their homes are beginning to flock back to stores for clothes, luggage and other items as they start to return to their normal buying habits after a year of uncertainty during the pandemic.

Consumer confidence can be seen in Target's first quarter results, released Wednesday morning. Target saw first quarter revenue grow more than 23% to $24.2 billion compared with last year, beating Wall Street expectations. Net profits grew from $284 million to $2.1 billion. Target's adjusted earnings per share reached an all-time high of $3.69, well above analysts' expectations .

"The first quarter felt like a first step towards a post-pandemic world," said CEO Brian Cornell, as he opened a Wednesday call with analysts.

https://www.startribune.com/target-continues-to-experience-sales-growth-as-people-return-to-shop/600058644/

 

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