Target Reports Sales Growth For 2020 Holiday Period

Minneapolis — Target Corp. reports comparable sales in the combined November/December period grew 17.2 percent, driven by a 4.3 percent increase in traffic and a 12.3 percent increase in average ticket. Store-originated comparable sales grew 4.2 percent, while comparable digital sales grew 102 percent, according to the retailer.

Brian Cornell, chairman and CEO, says: “The momentum in our business continued in the holiday season with notable market share gains across our entire product portfolio. We’re very pleased with our results, and the strength of our performance is a reflection of the tireless work of our team to support our guests through a safe, convenient and inspirational experience. Throughout the holidays, we delivered joy for holiday shoppers while focusing on safety — adjusting promotions to reduce crowding while delivering easy, contactless fulfillment options through Drive Up and Shipt.

“We’ve seen continued strong sales trends in the new year, and as we turn to our 2021 plans, our team is focused on continuing to build on the guest engagement and significant market share we gained throughout 2020.”

The company also notes comparable digital sales growth was driven primarily by the its same-day fulfillment services (Order Pick-Up, Drive-Up and Shipt), which together grew 193 percent. Of the services, Drive Up grew the fastest at more than 500 percent, while Target’s sales fulfilled by Shipt grew more than 300 percent.

Between store-originated sales, same-day services and the company’s ship-from-store capability, approximately 95 percent of Target’s sales in the November/December period were fulfilled by its stores, it notes. 

Target reports it has continued to gain market share throughout the November/December time period in all five of its core merchandising categories, with growth strongest in home, which saw a comparable sales increase in the low-20 percent range. Comparable sales in hardlines also grew in the low 20 percent range, reflecting mid-20 percent growth in electronics. In food & beverage, comparable sales growth was in line with the company average, while beauty & essentials saw growth in the low double digits. Apparel delivered comparable sales growth in the high-single digit range.