Target Q3 Sales Up 21% Amid Digital Buying During Pandemic
Target executives credited “flexibility” and “agility” for a 21% year-on-year hike in comparable sales. Stores had a 9.9% year-on-year comparable sales bump; digital comps spiked 155%, they said on a Wednesday Q3 call. Sales through same-day services soared 217%. Revenue…
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grew 21% to $22.6 billion. CEO Brian Cornell cited “sharply higher” sales gains in hardlines, with comp growth in the mid-30% range, led by electronics, up 50%. He highlighted strength in computer software, videogames, portable electronics and office equipment. Inventory shortfalls persist amid “huge swings in pace of sales” in some categories, said Chief Operating Officer John Mulligan. Employees are playing “catch-up” in long-lead categories such as electronics that had “an unexpected sharp and sustained explosion in demand.” Target ended Q3 in a better inventory position and expects additional recovery in Q4. It didn't provide guidance due to “continued headwinds facing the consumer and the economy,” said Chief Financial Officer Michael Fiddelke. He referenced uncertainty about the path of the pandemic and continued levels of employment.