Target reported recorded-setting sales growth online and at established stores over the past three months, more evidence that big box retailers have become essential points of supply during the pandemic. Online sales surged by 195 percent and same-store sales grew by 10.9 percent, second-quarter growth that is unprecedented in the company’s 58-year history. Target said that it added 10 million new online customers during the first half of the year and gained US$5 billion in market share. Target earned US$1.69 billion, or US$3.35 per share. Removing one-time costs and benefits, Target earned US$3.38 a share, blowing past the US$1.63 projected by Wall Street, according to a survey by FactSet.

Source: The Standard August 19, 2020 13:53 UTC