Target Earnings Top Estimates As Sales Rise 21%, Boosted By A Surge Of Post-Holiday Shoppers
Mar 02, 2021
Target’s earnings topped Wall Street’s estimates, as its sales got a lift from a strong holiday season and store traffic picked up in January. Shares were up more than 3% early Tuesday. The big-box retailer has benefited as shoppers look for easy and safe ways to buy groceries and other items during the pandemic. Its 2020 sales grew by more than $15 billion — greater than its total sales growth over the prior 11 years. Target already reported holiday sales, but its online sales gained momentum as Americans received $600 stimulus checks. The extra dollars in consumers’ pockets boosted sales across the retail industry, with sales jumping 5.3% in January, according to a government report. Read more at CNBC.
