Target’s Sales Soar Ahead of Crucial Holiday Shopping Period
- Results reinforce that big-box retailers are thriving in 2020
- CEO Brian Cornell says the company is gaining market share
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Target Corp.’s third-quarter sales show that pandemic-driven shopping is still surging heading into the holidays.
Comparable sales including e-commerce, a critical gauge of success for retailers, jumped 20.7% from a year earlier, the retailer said Wednesday in a statement. That’s almost double the estimate of 11.6% growth from Consensus Metrix, although down from 24.3% in the second quarter. Profit and gross margin also exceeded estimates compiled by Bloomberg.