Target Q1 2020: By the numbers
On an average day in April, Target Corp. fulfilled more items and orders than it did on last year’s Cyber Monday.
That was just one of the interesting points of data in Target’s first-quarter earnings results (link to story). While the discounter experienced strong sales gains, profits fell 64% amid increased spending related to the COVID-19 pandemic. Target spent some $500 million on items directly related to the outbreak.
Here is a quick look at some of Target’s stats.
• Total sales: Up 11.3%
• Comparable sales: Up 10.8%
• Comparable store sales: Up 0.9%
• Comparable digital sales: Up 141%
• Adjusted EPS: $0.59
• On an average day in April, Target fulfilled more items and orders than it did on last year’s Cyber Monday.
• Stores fulfilled nearly 80% of Target’s digital com sales.
• 95% of orders were ready to be picked up or shipped in-time.
Same Day Services:
• Same-day services rose 278%.
• Shipt doubled its shopper community across the country and Target sales fulfilled by the service rose more than 300%.
Monthly Category Sales:
• February: Traffic and sales accelerated, particularly in store, at the end of February with market-share gains across all five of Target’s core merchandise categories.
• March: Mid-month, customers focused their shopping on food & beverages and household essentials Sheltering-in-place orders nationwide sparked dramatic increase in digital traffic and sales, with demand rising for products oriented around staying at home, including home office products, video games and kitchenware.
• April: Mid-month, store traffic and sales rapidly increased, including a surge in discretionary categories such as apparel. Also, throughout April, digital growth continued in “unprecedented” rates between 200% and 300%.