Minnesota-Based Target Releases An Incredible Financial Report
Minneapolis (KROC AM News) - This could be a huge day for those who own stock in Target.
As of 7:00 Wednesday, shares were up nearly $13 and climbing after the Minnesota-based retailer released an incredible summary of its 2nd quarter operations.
Target CEO Brian Cornell noted a record was set - "Our second quarter comparable sales growth of 24.3 percent is the strongest we have ever reported."
Revenue hit $23-billion, a 25-percent increase from the same period a year ago. Net income skyrocketed 80-percent from a year ago to $1.7-billion.
And yes, the pandemic played a major role.
Target was able to keep its stores open after being designated an essential business while many of its competitors were affected by lockdowns.
Cornell says digital operations were especially busy as curbside service increased 700-percent from a year ago and online shipping business grew by 350-percent. So far this year, Target has added more than 10-million new digital customers.