Target Grows Online Sales 50% in Q1

Target Chairman and CEO Brian Cornell called the retailer’s performance in the 2021 first quarter “outstanding on every measure.”

The Minneapolis-based retailer reported that first quarter comparable sales grew nearly 23% from last year’s first quarter, which grew 10.8% from the 2019 first quarter. That includes a digital comparable sales increase of 50% from the previous quarter which came on top of a 141% in the first quarter last year when compared to 2019’s first quarter.

Target’s first quarter revenue was $24.2 billion. Net income soared to $2.1 billion from $284 million the previous year. The company said it gained more than $1 billion in market share in the first quarter, on top of a $1 billion share gain in the first quarter of 2020.

“Our performance showcased the power of putting our stores at the center of our strategy,” Cornell said. “Given the trust we’ve built with our guests quarter after quarter and our commitment to adjusting along with them to the ongoing shifts in the macro environment, we’re confident in continued comp growth in the second quarter and through the remainder of the year, as well as a healthy full-year operating margin rate.”

For the 2021 second quarter, Target said it expects mid-to-high single-digit growth in comparable sales. The company also expects positive single-digit comparable sales growth in the last two quarters of the year. Target operates more than 1,900 stores and target.com.