Target Corp. came out of the gate strong in its first quarter, crushing earnings and sales expectations.
Here is a rundown of some highlights from the quarter (for more, click here.
• Adjusted earnings per share came in at an all-time high of $3.69
• Sales rose 23% to $23.88 billion.
• Total comparable-store sales up 22.9%, with 18% increase in store sales and 50% increase in digital sales.
• Stores fulfilled 95% of total retail sales (includes digital and in-store).
• Seventeen-percent increase in traffic; 5% increase in basket growth.
•Same-day services rose 90% and accounted for more than half of all digital sales.
• Drive-up increased 123% and order pickup rose 52%. Orders fulfilled via Shipt rose 86%.
• Owned-brand sales up 36% — strongest to date.
• Sales growth led by apparel (low 60% range), home (mid-30% range), hardlines (more than 30%), beauty (high teens) and essentials and food and beverages (both up low-to-mid single digits.)
• Mother’s Day ranked among its strongest in years.