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Target sales boosted by stimulus checks, economic reopening - Netscape Money & Business


Target sales boosted by stimulus checks, economic reopening
By Aishwarya Venugopal
Reuters
(Reuters) -Target Corp beat estimates for quarterly profit and sales on Wednesday as a strong vaccination drive across the country encouraged shoppers to return to its stores and spend their stimulus checks on home goods, clothes and other items.
One of the big beneficiaries of a pandemic-led shopping spree, Target has seen its winning streak spill over into 2021 as the reopening of the economy boosts traffic at its stores, while its e-commerce business continues to draw online shoppers.
Comparable sales at Target stores rose 18% in the first quarter, while digital sales surged 50%, driven largely by same-day delivery services, including Drive up, Shipt and in-store pick ups. ....

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Bank of America to raise US minimum hourly wage to $25 by 2025


NEW YORK (Reuters) Bank of America plans to raise its minimum wage for U.S. workers to $25 an hour by 2025, the latest among major firms promising to pay employees more after a year of pandemic risks and government subsidies that fueled conversations on whether companies pay their workers enough.
Bank of America s announcement on Tuesday went further than other companies with large U.S. workforces in the retail space. The figure was higher than at competitors, and the second-largest U.S. bank is also requiring its vendors to set a minimum wage of $15 an hour.
That could help spread the influence of higher wages to smaller companies that have lucrative contracts to provide services like marketing, technology services and maintenance. Bank of America deals with more than 2,000 U.S. vendors and 43,000 vendor employees. ....

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Big retailers like Walmart, Macy's see shoppers back in stores | WSAU News/Talk 550 AM · 99.9 FM


By Syndicated Content
By Richa Naidu and Aishwarya Venugopal
CHICAGO (Reuters) – More Americans are starting to shop in stores again for everything from sports equipment to jewelry, Walmart Inc, Macy’s Inc M.N> and Home Depot Inc said on Tuesday, as Covid-19 restrictions ease and the U.S. economy opens up.
All three retailers topped Wall Street’s quarterly sales estimates, propped up by the increased foot traffic and government stimulus checks that fattened shoppers pocketbooks. Visits to Walmart and Home Depot stores in April grew by 21.7% and 23.6% respectively, according to Placer.ai, a data firm that tracks foot traffic. ....

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