Target Shatters Sales Growth Record, But Hedges Bets On Future Performance
03/02/21 AT 12:46 PM
Target has posted massive sales gains during 2020’s fourth quarter, adding more in one year than the previous decade combined. The pandemic boost has raised Target’s stock price 80% in 12 months, but economic uncertainty has the retailer cautious about future plans, CNN reports.
In total, Target’s sales shot up 19.8% from $78.1 billion to $93.6 billion. The average was bolstered by a 145% increase in online sales.
That translated to a 33% increase in net earnings, to a total of $4.4 billion. Following years of investment to build a durable, scalable and sustainable business model, we saw record growth in 2020, Target CEO Brian Cornell told CNN.