Target Crushes Estimates As Retailer Uses New Shopper Habits To Gain Market Share
Target on Wednesday reported fiscal third-quarter earnings that easily outpaced analysts’ estimates as the discount retailer won market share by turning shoppers’ pandemic habits into lasting gains. The company said it grabbed market share across all of its core categories, from apparel to beauty. Year to date, it said it has won $6 billion in market share, with $1 billion in share gains coming during the latest quarter. It has measured the gains with third-party and internal research. Buoyed by this strength, sales online and at stores open at least a year rose 20.7% during the third quarter. Comparable digital sales grew by 155%, while same-store store sales climbed 9.9%. Shares were up 1.82% in premarket trading Wednesday. Read more at CNBC.