Covid-19 helped Target Corp. get much bigger.
Target said holiday sales rose solidly during the latest quarter, capping off a year when the Minneapolis-based retailer increased revenue by more than it had in the previous 11 years combined.
Comparable sales, those from stores and digital channels operating for at least 12 months, rose 20.5% in the quarter ended Jan. 30, boosted by strong demand for online services, including same-day online order pickup and delivery. Over the full year, revenue hit $93.6 billion, a nearly 20% increase over the previous year.
“Following years of investment to build a durable, scalable and sustainable business model, we saw record growth in 2020,” said Chief Executive Brian Cornell.
In recent years Target has ramped up investments in online services. Instead of spending heavily to establish a massive network of online fulfillment warehouses, Target has used stores as hubs to ship online orders or allow shoppers to pick up online orders from store parking lots. Over the past year around 95% of sales came from store fulfillment, the company said Tuesday. Digital comparable sales more than doubled in the most recent quarter.
